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Tower Technology News on the wall street trading in U.S. fuel credits hurting consumers

Tower Technology News on the wall street trading in U.S. fuel credits hurting consumers | Tower Technology | Scoop.it

http://www.foxbusiness.com/news/2013/09/15/wall-street-trading-in-us-fuel-credits-hurting-consumers-nyt/

 

Wall Street trading in U.S. fuel credits hurting consumers: NYT



Wall Street banks, including JPMorgan , have engaged in speculative trading and stockpiled U.S. renewable fuel credits turning a federal environmental program into a profit stream, The New York Times reported on Sunday.

                       

A JPMorgan trader pressed the bank to buy all the Renewable Identification Numbers (RINs) it could, The Times said citing an unnamed industry executive. Prices for the credits spiked by as much as 20-fold between January and mid-summer.

 

With the supply of available RINs growing tighter, JPMorgan offered to sell hundreds of millions fuel credits to refiners this year, The Times reported.

 

JPMorgan's role and that of other banks in the RINs market has hurt U.S. refineries that often acquire RINs to avoid stiff penalties from the U.S. Environmental Protection Agency (EPA), The Times reported, adding that the moves have likely contributed to higher gasoline prices at the pump.

 

U.S. refiners and gasoline importers must generate or buy RINs to comply with EPA rules requiring they blend growing quantities of ethanol into gasoline supplies. RINs prices spiked from 7 cents in January to a high of $1.43 this summer, before retreating to 60 cents, the newspaper said.

 

The price spike has saddled U.S. refineries with huge bills and refiners have passed along the higher costs to consumers, the report said.

 

Independent refiner Valero Corp estimated that its cost to acquire RINs would skyrocket to $800 million, The Times reported.

 

A spokesman for JP Morgan in an email to Reuters said, "The fact of the matter is, we simply do not trade RINs, nor do we carry an inventory other than a marginal amount for compliance purposes.

 

"From time to time, we offer to purchase RINs on behalf of clients who need to fulfill their EPA-mandated obligations, but our activity is so limited that the last time we assisted a client in the market was over a year ago," the spokesman said.

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Jessa Ridge's comment, September 16, 2013 9:59 PM
Your way of putting things together is admirable. Unfortunately, Im still quite in the dark about all of this so I'll prolly come back when I can contribute a more decent comment.
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Tower Technology News: Japan Races To Contain Worst Fukushima Spill Since Meltdown

Tower Technology News:  Japan Races To Contain Worst Fukushima Spill Since Meltdown | Tower Technology | Scoop.it
Japan is scrambling to contain its worst spill of contaminated water from the crippled Fukushima Daiichi nuclear plant since its meltdown more than two years ago; drawing fresh scrutiny to what exp...
Crystal Leigh's insight:

Radioactive water leaks at Fukushima power stationBBC News
Japan to issue gravest warning since quake on Fukushima nuclear plant leaksCNN
Japan says Fukushima leak worst since tsunami

 

Read more: http://online.wsj.com/article/SB10001424127887323980604579026751169006112.html

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Crystal Leigh's comment, August 23, 2013 1:54 AM
Bad things may happened.
This should be a big deal.
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Tower Technology News, Byte torrent: How we're becoming more vulnerable to spamming

Tower Technology News, Byte torrent: How we're becoming more vulnerable to spamming | Tower Technology | Scoop.it
One Sunday evening in the spring of 1864, messenger boys employed by the London District Telegraph Company appeared on the doorsteps of several MPs and other prominent figures across the British capital.
Crystal Leigh's insight:

SPAM TODAY ACCOUNTS for somewhere between 70 per cent and 90 per cent of all e-mail sent, depending on which estimate you trust, and e-mail spam is far from the only variety. Yet it took years for the inventors of the internet to realise that it might be a problem. Early on, in 1971, an anti-war activist at the Massachusetts Institute of Technology, in the US, sent a message to all users of his network, the Compatible Time-Sharing System, with a headline in caps - "THERE IS NO WAY TO PEACE. PEACE IS THE WAY" - but all he got was a slap on the wrist. ("But this is important!" he protested, when his boss told him off.)

 

Read more: http://www.scmp.com/magazines/post-magazine/article/1298293/byte-torrent

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Crystal Leigh's comment, August 30, 2013 9:24 PM
All securities are just some kind of a joke, they don’t really work, in on way or another, hackers will find ways to pass these securities