- The EPA is proposing a range of 15B-15.52B gallons of renewable fuel in 2014, nearly 3B fewer gallons of biofuel to be blended into gasoline than mandated by the original 2007 law.
- The new proposal angers farm groups, corn ethanol producers and supporters of biodiesel, but it's a victory for oil companies, which have long argued that if the content of ethanol in motor fuel exceeded 10% - i.e., the "blend wall" - it might damage cars, motorcycles and lawn mowers.
- The administration also is setting a 2B-2.5B gallon target range for all advanced biofuels (earlier).
- Among the biggest movers: PEIX +13%, ADM -2.9%.
- Refiners: VLO +0.8%, HFC -0.4%, PSX -0.5%, TSO -0.3%.
- ETF: CORN -1.2%.
In victory for oil industry, EPA proposes lower renewable fuel quotas
Nov 15 2013, 15:09 ET