The U.S. Environmental Protection Agency plans to unveil a narrowed-down version...
WASHINGTON/NEW YORK - The U.S. Environmental Protection Agency plans to unveil a narrowed-down version of its proposed biofuel credit market reform this month after regulators concluded many of the agency’s initial ideas required more time to study, according to four people briefed on the matter.
Trump had asked that the EPA’s reform be finalized prior to June 1 to coincide with the agency’s move to expand sales of gasoline blended with higher levels of corn-based ethanol, or E15, a measure meant to help farmers by expanding the market for corn. The U.S. Renewable Fuel Standard requires refineries to blend biofuels into their gasoline and diesel each year, or purchase credits, called RINs, from those who do. The policy has helped farmers by creating a 15 billion gallon-a-year market for corn-based ethanol, but refiners have increasingly complained that compliance costs them a fortune – particularly when RIN prices are high and volatile.
“We hear that only one is ready to be finalized at the same time as the E15 decision, but it’s unclear which one,” said one of the sources. “Basically, EPA has dropped everything else to get E15 done by June 1.”
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