Trump Biofuel Proposals Echo Those of Backer Icahn
by Chris Prentice (Reuters) Republican Presidential candidate Donald Trump on Thursday appeared to weigh into a debate over a controversial U.S. biofuels program with a proposal that would back the position of billionaire investor Carl Icahn, one of his wealthiest backers.
In a factsheet on economic policy, the Trump campaign slammed a system of buying and selling biofuel blending credits that it said was bankrupting smaller oil refiners.
The comments were later removed from the Trump campaign website. A Trump spokesman said an incorrect version of the factsheet was temporarily placed online. He said Trump remains committed to the Renewable Fuel Standard. READ MORE and MORE (The Washington Post) and MORE / MORE (Bloomberg) and MORE (Des Moines Register) and MORE (Seeking Alpha)
Excerpt from The Washington Post: But the American Petroleum Institute, a long-time critic of the RIN program, now says there shouldn’t be any effort to alter it short of abolishing it, which is unlikely to happen. Industry sources, who asked for anonymity to maintain business relationships, say that over the past five years some of the country’s biggest integrated oil giants have purchased blending facilities, which generate RINs. That has helped them capture hundreds of millions of dollars in profits from the RIN market. Change could hurt them now.
“Where you stand on this issue depends on where you sit in the value chain,” Stephen H. Brown, vice president for federal government affairs at Tesoro. “Those refiners who took steps to mitigate their exposure to a volatile RINs market by establishing blending capacity do not feel the need to change the point of obligation. Those refiners who did not take those steps feel differently.” READ MORE