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Revised Trump biofuels proposal only adds to industry anger

  • The Trump administration has proposed a new formula to increase the use of U.S. biofuels, but Reuters reports the proposal instead has only provoked more frustration from the ethanol industry.
  • The proposed new rule, issued in a supplemental notice by the Environmental Protection Agency, was met with harsh criticism because it bases the biofuels volumes required for blending on U.S. Energy Department estimates rather than actual exemptions.
  • "The supplemental notice contains a never-before-discussed proposal to estimate small refinery exemptions, with no assurance that the estimate will come close to actual exemptions," the National Biodiesel Board says.
  • Oil refiners also are unhappy; they have complained that the requirements under the Renewable Fuel Standard cost them greatly and that having refiners make up for those who are granted exemptions would cause additional harm.
  • "There is simply no logic in forcing complying refineries to bear the burden of decisions outside of their control," says the VP of downstream and industry operations at the American Petroleum Institute.
  • Potentially relevant stocks include ADM, GPRE, GPP, PEIX, REGI, REX, ANDE, VLO, PSX, MPC
  • ETFs: CORN, FUE

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