It was a disappointing second quarter earnings for PBF Energy which owns the Delaware City Refinery.
Tom Nimbley, the company’s chief executive officer, warned that costly renewable fuel mandates could push up prices at the pump while cutting gasoline production at facilities like Delaware City Refinery.
The federal Renewable Fuels Standard was adopted before the recession and requires refiners to buy an increasing amount of corn-based ethanol for blending with gasoline despite falling demand.
The Wilmington News Journal reports that puts refiners in a position of having to buy more ethanol than they can safely use.
Through June30th PBF Energy saw a quarterly operating income of $133 million.
That’s down from nearly $580 million a year ago.
