NEW YORK - U.S. fuel companies are on track to surpass government targets for use of ethanol and other renewables, even as fewer compliance credits were produced in November, U.S. Environmental Protection Agency data showed on Tuesday.
Production of the credits, known as Renewable Identification Numbers, swelled to 16.29 billion in the 11 months through November, leaving the United States on pace this year to surpass 2015 government requirements of 16.93 billion gallons.
The heavy production of RINs also leaves the United States on track to outpace last year's record of 17.2 billion credits.
The credits are generated when a gallon of renewable fuel is produced for the U.S. fuel market.
Oil refiners and other fuel companies can blend gallons of renewables or buy RINs to meet government mandates for biofuel use.
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Production of ethanol or renewable fuel blending credits in the United States fell 3 percent last month to 1.23 billion credits from 1.27 billion in October, the data showed, even as ethanol output soared.
Generation of biomass-based diesel credits also dropped, to 226 million from 257 million, theEPA said.
The decline came in the final weeks ahead of an EPA announcement setting requirements for renewable fuels use for 2014-16.
