 |
Louisiana Light • 2 days | 74.87 | +0.86 | +1.16% | ||
|
Bonny Light • 1 day | 75.68 | -0.89 | -1.16% | ||
|
Opec Basket • 3 days | 75.47 | -1.62 | -2.10% | ||
|
Mars US • 10 hours | 71.59 | -1.24 | -1.70% | ||
|
Gasoline • 10 mins | 2.612 | -0.001 | -0.03% |
|
Bonny Light • 1 day | 75.68 | -0.89 | -1.16% | ||
|
Girassol • 1 day | 78.20 | -0.88 | -1.11% | ||
|
Opec Basket • 3 days | 75.47 | -1.62 | -2.10% |
|
Peace Sour • 2 hours | 65.54 | -1.24 | -1.86% | ||
|
Light Sour Blend • 2 hours | 66.84 | -1.24 | -1.82% | ||
|
Syncrude Sweet Premium • 2 hours | 75.79 | -1.24 | -1.61% | ||
|
Central Alberta • 2 hours | 65.14 | -1.24 | -1.87% |
|
Eagle Ford • 2 days | 69.01 | +0.79 | +1.16% | ||
|
Oklahoma Sweet • 2 days | 69.00 | +0.75 | +1.10% | ||
|
Kansas Common • 3 days | 62.00 | +0.00 | +0.00% | ||
|
Buena Vista • 7 days | 76.40 | +1.64 | +2.19% |
Breaking News:
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Why did a Train Carrying Biofuel Cross the Border 24 Times and Never Unload?
A cargo train filled with biofuels crossed the border between the US and Canada 24 times between the 15th of June and the 28th of June 2010; not once did it unload its cargo, yet it still earned millions of dollars. CBC News of Canada was the first to pick up on this story on the 3rd of December 2012, and began their own investigation into the possible explanations behind this odd behaviour.
CN Rail, the operator of the train, stated their innocence in the matter as they had only “received shipping directions from the customer, which, under law, it has an obligation to meet. CN discharged its obligations with respect to those movements in strict compliance with its obligations as a common carrier, and was compensated accordingly.” Even so, they still managed to earn C$2.6 million in shipping fees.
During their investigation CBC managed to obtain an internal email which stated that the cars of the train were all reconfigured between each trip but that the cargo was never actually unloaded, because “each move per car across the border is revenue generated”, the sale of the cargo itself was inconsequential.
Related Article: U.S. Military Biofuels Survives Republican Congressional Euthanasia Attempt
The cargo of the train was owned by Bioversal Trading Inc., or its US partner Verdero, depending on what stage of the trip it was at. The companies “made several million dollars importing and exporting the fuel to exploit a loophole in a U.S. green energy program.” Each time the loaded train crossed the border the cargo earned its owner a certain amount of Renewable Identification Numbers (RINs), which were awarded by the US EPA to “promote and track production and importation of renewable fuels such as ethanol and biodiesel.” The RINs were supposed to be retired each time the shipment passed the border, but due to a glitch not all of them were. This enabled Bioversal to accumulate over 12 million RINs from the 24 trips, worth between 50 cents and $1 each, which they can then sell on to oil companies that haven’t met the EPA’s renewable fuel requirements.
Both the Canada Border Services Agency and the US EPA have launched investigations into the possibility of fraud, although the companies claim that the practice was totally legal.
By. James Burgess of Oilprice.com
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
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as a former executive at a class 1 freight railroad i can say with confidence that it is not possible that CN (a private company that i own stock in) was not aware this was going on. it is true that the carrier is required to follow legitimate transportation orders from shippers. it is also true that someone should have asked questions about this. i am confident that plenty of people in their transportation, car accounting, food and ag and chemical groups were watching the block of cars ping-pong across the border, amused and sending out freight bills.
this is a form of fraud, or at least sharp practice on the part of Bioversal. CN appears to have been performing legal acts that supported fraud. if i were in their shoes i would not count on the invulnerable shield of the surface transportation board or the transport board of canada to protect me.
So who is going to be charged or fined or anything even vaguely punishing for this? NO ONE.
Capitalism breeds immorality......
Really? I don't see how this could happen if the Gov't did not make these fraudulent laws that take tax money and subsidize the companies they choose.
With no regulation for "green energy credits" it would never happen.
Murders still happen and police departments are inefficient, so we should abolish laws and police departments?
Despite having the largest military and intelligence apparatus, 3,000 Americans died in 9/11. Our military and intelligence agencies are severely inefficient, should we abolish the military en toto?
So, explain to me how can anyone expect honesty among thieves/or criminals?
Because the world is black and white.
The government is mostly incompetent because it is run by people who have never done anything but politics.
Most of the subsidies and government $$$ incentives need to end today. They are ineffective and easily taken advantage of.
Well put.
24x23= 552. Each rail car is a 32,500 fine. The fine 17,940,000.00 forbthat period. Now the big number as of the 28th of December. 24 violations @ 780,000.per day x 912 days 711,360,000-in fines to the two companies....Any body that bought the real fuel and the rins also faces fines under this law. One tank car represents 195k in fines or one group of Rins... Each party could face a fine of 29,640,000 if they used the Rins for Obligated Party or other party compliance. All numbers are USD. This is a huge mess, again.
And why aren't we using Tesla's source of energy? Because of evil people in government that create policy that benefits the few at the expense of the many, then sells the rotten bill of goods to the useful idiots known as the American public.
Everything that makes the elite richer is legal. Anything that helps out the middle/lower class is illegal i.e. hemp production for biodiesel.
The problem is not policy, government, or "evil people." The problem is you and I keep letting these idiots run our 2 countries.
If we used Tesla's source of energy, none of this would be happening.