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Reuters: Trump seeks meeting with Big Corn on U.S. biofuels policy

  • Two high ranking Trump administration officials called two U.S. senators from the corn belt to convince them to join talks about potential changes to biofuels policy to ease the burden on oil refineries, Reuters reports.
  • The effort is the latest sign that Pres. Trump is seeking to mediate the long-running dispute between the oil industry and corn growers over the Renewable Fuel Standard, after meeting yesterday with nine Republican senators from states with oil refineries.
  • Refiners oppose the RFS because they say it costs them hundreds of millions of dollars a year in blending and regulatory expenses, but the administration has sided with Big Corn and against the refining industry in a series of decisions this year.
  • Potentially relevant tickers include ADM, GPRE, PEIX, REGI, VLO, PBF, PSX, MPC, HFC, CVI, CVRR

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