NEW YORK/WASHINGTON: President Donald Trump's administration has been scrambling to stem the tide of rising anger in Farm Belt states after its decision this month to allow numerous oil refiners to mix less ethanol into their gasoline, sources told Reuters on Tuesday.
Refiners are required to blend biofuels into the nation's gasoline pool or buy credits to fund those refiners who can. News of the meeting sent the compliance credits soaring by 50per cent on Tuesday before pairing gains. Refiners, especially smaller companies, have argued the biofuel laws are costly and burdensome. Trump's expansion of the waiver program has saved the oil industry billions of dollars in compliance costs. On Tuesday, the U.S. Environmental Protection Agency said in a statement there was"zero evidence" the refinery waivers have hurt demand for ethanol, which biofuel producers dispute.
Prior to Trump's election, just a few smaller refineries were granted relief from this requirement. Trump's administration has vastly expanded those waivers, including granting relief to facilities run by major oil companies Exxon Mobil Corp and Chevron Corp . Trump personally directed the EPA to grant the most recent waivers, sources told Reuters.
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