Now oil companies have simply bid up the price of RINs instead of buying ethanol.

WSJ: Ethanol's Not Responsible for the Gasoline Price Rise

Without adequate regulation, new financial markets, such as the spot market for RINs, are vulnerable to fraud.

FORBES: The Rise and Imminent Fall of Biodiesel

This time the issue is about the purchase of special credits called RINs and Big Oil's latest scapegoat for higher gasoline prices.

WSJ: Ethanol's Not Responsible for the Gasoline Price Rise

Oil companies have sued the traders they purchased RINs from.

FORBES: The Rise and Imminent Fall of Biodiesel

Much of the idle capacity could be brought back online quickly if oil companies chose to meet Renewable Fuels Standard obligations with E85 and midlevel blends rather than stockpiled RINs.

WSJ: Ethanol's Not Responsible for the Gasoline Price Rise

RINs from small and medium producers can be sold, if at all, only at steep discounts, making it hard for those producers to survive in a market with razor-thin margins.

FORBES: The Rise and Imminent Fall of Biodiesel

In April 2012, the EPA issued a notice of violation to another Texas producer, alleging the fraudulent generation of 60 million bad RINs (equivalent to 40 million gallons of biodiesel) over a 2-year period.

FORBES: The Rise and Imminent Fall of Biodiesel