Fig. 1 OR CFP quarterly credits, deficits, and bank (Data source: Oregon DEQ)
Oregon CFP has been witnessing a fall in credit bank due to a rising trend in deficit generation for six consecutive quarters. In Q3 2022, a record 559k deficits were created, 13% higher quarter-over-quarter. The is largely driven by the rise in deficits from gasoline, diesel, and biofuels such as renewable diesel and various blends of ethanol. The surge in deficits coupled with almost stagnant credit generation (454k in Q3 2022) over the last three quarters led to a 16% decline in credit bank quarter-over-quarter.
Fig 2. Deficits share in OR CFP Q3 2022 (data source: Oregon DEQ)
Out of the total 559k deficits in Q3 2022, 90% of the deficits were from gasoline (320k) and diesel (186k). Deficits from gasoline and diesel witnessed a 7% and 11% quarter-over-quarter rise, respectively. Remarkably 5% (28,737) deficits were generated by renewable diesel which is a significant rise from 7,865 deficits in the previous quarter. Various ethanol blends (E(10), E(<55), E(55-65)) also generated ~16k deficits in total.
Fig 3. Credits share in OR CFP Q3 2022 (Data source: Oregon DEQ)
Total credits generated by ethanol, biodiesel and renewable diesel were 155K (34.2%), 123K (27.3%) and 112K (24.8%), with renewable diesel credits experiencing the highest rise at 158% due to a 71% rise Renewable diesel consumption, while biodiesel credits fell by 30% from previous quarter due to 27% fall in biodiesel consumption. 12% of credits were generated from electricity out of which 81.5% were from offroad charging and 18.4% from onroad charging.
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