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Marathon CEO slams 'deeply flawed' Renewable Fuel Standard

  • Marathon Petroleum (MPC -1.4%) CEO Gary Heminger again blasts the Renewable Fuel Standard as "deeply flawed," as the U.S. government considers a reset of the program.
  • "The objective of the RFS was to help us achieve energy independence," but instead refineries often rely on importing biofuels to meet the standards, Heminger tells the American Fuel and Petrochemical Manufacturers annual meeting in San Antonio. "It has not created a market for next-generation biofuels."
  • MPC "was using ethanol in gasoline long before the RFS was enacted," Heminger says. "We have no objection to ethanol or other biofuels, but we do have a problem with mandates, because they subvert consumers' choices and distort markets."
  • ETFs: PBW, QCLN, FUE, PUW, HECO

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