real-time news and commentary for investors
Tuesday, Aug 6
EPA sets renewable fuel targets
- The EPA formally tells refiners to blend 16.55B gallons of renewable fuels to blend into the U.S. gasoline supply this year, and pares some targets the oil industry had criticized as too ambitious.
- Refiners must blend 1.28B gal. of biomass-based diesel and 2.75B gal. of advanced biofuels this year, along with 6M gal. of cellulosic biofuels made from non-edible plant parts - far less than the 14M target the EPA proposed in February but short of the oil industry’s push for the category to be zeroed out completely.
- After some initial reaction, most related stocks have returned to pre-announcement levels: PBF +8.6%, VLO +3.3%, HFC +2%, BIOF +1.8%, PEIX -4%, GPRE -3.2%, REX -6.6%, SYNM -4.3%, REGI -0.3%.