PBF Energy Falls 3% After Chairman Warns of Rising Cost of Complying With Renewable Fuel Standard


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PBF Energy ( PBF ) shares are down more than 3% after the company's executive chairman Thomas O'Malley warned of the rising costs of complying with the Renewable Fuels Standard through the purchase of renewable identification numbers on each gallon of renewable fuel produced.

O'Malley gave the warning in an April 12 article published by Platts, the company said in a Business Wire release. PBF Energy had expected to spend approximately $120 million on RINs in 2013 and that amount may increase by $30 to $40 million.

The shares are down $1at $30.20, within a 52-week range of around $26.00 - $42.50.

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