The American Petroleum Institute has launched the API Credit Exchange (ACE) in response to members' requests for help in meeting new federal laws that dramatically increase the amount of renewable fuels in gasoline supplies.
The secure, Internet-based system will allow market participants to identify buyers and sellers of renewable fuels credits, API said in announcing the program Mar. 19.
It said ACE will fulfill the trading requirements that the US Environmental Protection Agency established in September while implementing the 2005 Energy Policy Act's renewable fuels standard. Congress expanded that standard late last year as part of the 2007 Energy Independence and Security Act, API noted.
As part of that implementation, EPA set up a credit trading program to assure that the oil industry could comply with the RFS and still have the flexibility to meet domestic motor fuel needs. While ACE will be a clearinghouse for companies seeking trading partners, the actual credit trades will take place outside the system. Subscribers will pay an annual fee for the service....MORE