The Environmental Protection Agency will reject proposed changes to the point of obligation for complying with the Renewable Fuel Standard away from refiners. Politico reports that a Trump administration official said the EPA would reject the proposal by billionaire Carl Icahn, a key Trump supporter. EPA plans to formally announce the decision within the next two weeks and “President Trump supports the EPA’s decision.” Politico says that Icahn, refining giant Valero and smaller refiners argued that purchasing compliance credits, called Renewable Identification Numbers, squeezed their bottom lines and, in some cases, threatened to put them out of business. Icahn’s CVR lost $19 million in the second quarter of this year after guessing incorrectly that the administration would make the policy change.
From the National Association of Farm Broadcasting News Service.