As is typical when there is a crisis – from foreign policy issues, to the China trade situation, to animal disease, to COVID, and more – the market gets bombarded with rumors, leaks and speculation about potential emergency policy actions which may – or may not – be taken to mitigate the crisis. Or, more political risk may be created from unintended consequences. The Russia invasion of Ukraine is no different. There are three potential actions that are current topics of discussion: banning Russian oil imports, opening the CRP, and a temporary waiver of the RFS. To be clear, WPI doesn’t have any inside or direct intel to report at this time but does have some experience ( from being on the “inside”...