The Environmental Protection Agency (EPA) last week denied 36 waiver requests from oil companies seeking to avoid biofuel blending obligations for the 2018 compliance year, but there’s a catch that diminishes the impact of the ruling.

The agency said it will provide 31 of those refineries with another avenue to seek relief from their 2018 Renewable Fuel Standard (RFS) blending requirements without purchasing credits known as renewable identification numbers (RINs). 

“The silver lining is that EPA has reaffirmed the 10th Circuit...