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(a) If the averaging oxygen content method of compliance under 18 AAC 53.040 is used by a CAR, an oxygen credit or debit is generated when a gallon of oxygenated gasoline is transferred by the CAR for use in a control area during a control period. An oxygen credit or debit per gallon is calculated by subtracting 2.7 percent from the actual percent of oxygen by weight in a batch or truckload. The total oxygen credits or debits associated with a batch or truckload is the oxygen credit or debit per gallon multiplied by the total number of gallons in that batch or truckload.
(b) To comply with the requirements of this chapter, a CAR may offset a debit balance of oxygen by securing the transfer of an identical number of oxygen credits from another CAR.
(c) Oxygen credits may be transferred only if the oxygen credits are
(1) generated in the same control area in which they are transferred for use by another CAR;
(2) generated in the same control period in which they are transferred for use by another CAR;
(3) transferred no later than 15 days after the last day of the control period in which the oxygen credits are generated; and
(4) created as required by this chapter.
(d) If oxygen credits are sold, purchased, or otherwise transferred, the transferor shall provide the transferee with a record of the transaction as required in 18 AAC 53.090(d) .
(e) Oxygen credits may not be transferred if such a transfer would result in the transferor having a debit balance of oxygen at the conclusion of the control period for which the oxygen credits would be transferred. Oxygen credits transferred in violation of this subsection are invalid oxygen credits.
(f) Invalid oxygen credits may not be used, regardless of the transferee's good faith belief that it was receiving valid oxygen credits.
(g) If oxygen credits are transferred in violation of (d) of this section
(1) the transferor is in violation of 18 AAC 53.040; and
(2) the transferor's valid oxygen credits will be applied first to any oxygen credit transfer agreements before the transferor may apply any oxygen credits to achieve its own compliance.
History: Eff. 9/25/92, Register 123; am 10/31/97, Register 144
Authority: AS 44.46.020
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Last modified 7/05/2006