(a) Credits must be calculated as follows:
CRa = Va × (SBase − Sa)
Where:
CRa = Credits generated for the averaging period.
Va = Total volume of gasoline produced during the averaging period at the refinery (or for a foreign refinery, the total volume of gasoline produced during the averaging period at the refinery that was imported into the U.S. in accordance with the requirements of §80.410)
SBase = Sulfur baseline value for the refinery established under §80.250 or §80.295.
Sa = Actual annual average sulfur level, calculated in accordance with the provisions of §80.205, for gasoline produced during the averaging period by the refinery, exclusive of any credits, (or for a foreign refinery, the actual average sulfur level, calculated in accordance with the provisions of §80.205, for gasoline produced during the averaging period at the refinery that was imported into the U.S., in accordance with the requirements of §80.410, exclusive of any credits.)
(b) The refiner may include any oxygenates included in its RFG or conventional gasoline volume under §§80.65 and 80.101(d)(4), respectively, for the purpose of generating credits.
(c) Credits under this program are in units of “ppm-gallons”.
(d) Refiners may generate credits for gasoline produced during an averaging period for a refinery only if the annual average sulfur level for the gasoline produced at that refinery during the averaging period is less than 0.90 of the refinery's baseline under §80.250 or §80.295.
(e) Credits generated in accordance with paragraph (a) of this section must be identified by the year of creation.
(f) For gasoline produced during the year 2000, the averaging period for credits generated in accordance with paragraph (a) of this section may be less than the full calendar year. Such partial-year averaging period will begin with the first full month for which all applicable sampling, testing, and documentation requirements are met.
[65 FR 6823, Feb. 10, 2000, as amended at 66 FR 19308, Apr. 13, 2001; 67 FR 40183, June 12, 2002]
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