A serial number assigned to a batch of biofuel for the purpose of tracking its production, use, and trading as required by the EPA’s renewable fuels standard (RFS). The EPA is authorized to set annual quotas dictating what percentage of the total amount of motor fuels consumed in the U.S. must be represented by biofuel blended into fossil fuels. Companies that refine, import or blend fossil fuels are obligated to meet certain individual RFS quotas based on the volume of fuel they introduce into the market. To ensure compliance, obligated parties are periodically required to demonstrate they have met their RFS quota by submitting a certain amount of RINs to the EPA. Because each of these RINs represent an amount of biofuel that has been blended into fossil fuels, the RINs submitted to the EPA by obligated parties are a quantitative representation of the amount of biofuel that has been blended into the fossil fuels used in America.
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