Valero Energy joins U.S. biofuels trade group

|About: Valero Energy Corporation (VLO)|By:, SA News Editor

Long-time ethanol critic Valero Energy (VLO +0.2%) has joined the Renewable Fuels Association, one of the industry’s biggest trade groups, which Bloomberg says shows how even reluctant fuel producers are positioning themselves to take advantage of growing demand.

VLO historically has opposed the Renewable Fuel Standard, the U.S. law that forces refiners to use increased amounts of ethanol and biodiesel; in response to the EPA’s new quotas issued last week, VLO said the agency “missed an important opportunity to fix the implementation” of the program.

“They still want to see a change in the RFS,” the Renewable Fuels Association says of VLO, but "we think it’s a signal that the industry’s coming together."