by Jarrett Renshaw (Reuters) U.S. President Donald Trump has asked for more talks between representatives of the oil and corn industries after a meeting on Tuesday failed to yield an agreement on how to help refiners cope with the country’s biofuels policy.
...
The meeting on Tuesday included Republican Senators Ted Cruz of Texas and Pat Toomey of Pennsylvania - both from major oil refining states - along with Charles Grassley and Joni Ernst of major corn grower state Iowa.
“No deal made,” said Grassley in a Twitter post after the meeting, adding the proposals discussed were “not ‘win win’” and would “destroy ethanol demand.”
Cruz issued a statement saying the meeting was “positive and productive” and added that Trump had requested another session this week. “After that meeting, I believe we are likely to arrive upon a win-win solution,” Cruz said.
...
Oil refiner Philadelphia Energy Solutions Inc (PES) PESC.N, which employs more than 1,000 people in the Philadelphia area, filed for bankruptcy protection last month and blamed the regulation for its demise.
Reuters reported that other factors may also have played a role in the bankruptcy, including the withdrawal of more than $590 million in dividend-style payments from the company by its investor owners.
Sources told Reuters the PES would have a representative at the next White House meeting, likely on Thursday.
Ernst and Grassley have both said they disagree with critics who say RINs are harmful to refiners, underscoring the fact that the two sides cannot even agree on the facts, let alone the solutions. They point out other refiners, such as Valero Energy Corp (VLO.N) and Marathon Petroleum Corp (MPC.N), are pulling in solid profits despite the biofuels regulation.
...
One was to count U.S. ethanol exports toward annual biofuels volume mandates, something not currently permitted under the policy. Another was to place a hard cap on the price of a RIN, and a third was to limit RIN trades to blenders and refiners - essentially to remove market speculation, the sources said.
To sweeten the deal for the corn industry, any deal would have likely included a waiver to allow gasoline containing 15 percent ethanol to be sold year round. READ MORE
White House Pushes For More Talks After 'no Deal' On Biofuels (News Today/YouTube)
Trump will have to weigh oil jobs against farm jobs at meeting to consider tweaks to biofuel policy (Business Insider)
Icahn May Save $49 Million as Trump Weighs Biofuel Policy Change (NewsMax Finance)
The Energy 202: Why Ted Cruz rallied with Philadelphia union workers this week (Washington Post)
No deal reached at White House RFS meeting (Ethanol Producer Magazine)
Trump escalates RFS drama in DC, as ABLC opens, asks to meet with industry leaders (Biofuels Digest)
Senate confirms Northey for USDA post (Ethanol Producer Magazine)
TRUMP CAN'T BEAT BIOFUELS STALEMATE (Politico's Morning Energy)
Renewable Fuel Foes and Backers to Meet Again at White House (Roll Call)
RFS INDUSTRY PLAYERS GATHER IN THE WHITE HOUSE (Politico's Morning Energy)
Excerpt from Biofuels Digest: The President’s dramatic call to meet directly with industry leaders comes as more than 500 of those leaders are arriving in Washington for ABLC 2018, the Advanced Bioeconomy Leadership Conference, which opens Wednesday at midday and continues through Friday evening. No details have yet emerged on the Thursday meetings, although a current list of ABLC delegates has been provided to the White House.
The high-level talks at the White House today included the President, EPA Adnminstrator Scott Pruitt, Secretary of Agriculture Sonny Perdue, Secretary of Energy Rick Perry, Senators Cruz, Erntz, Grassley, and Toomey, and White House staff. According to Sen. Erntz, there was no progress in the meeting from similar talks held in December. READ MORE
Excerpt from Politico's Morning Energy: Try as he might, President Donald Trump failed to break the impasse over the nation's biofuel program at a White House meeting on Tuesday. And, while Trump nominee for USDA Bill Northey managed to break free from a hold by Sen. Ted Cruz - and was approved Tuesday by voice vote - farm state lawmakers still held firm against proposals aimed at easing costs borne by oil refineries, Pro's Eric Wolff and Anthony Adragna report. One tangible result did emerge, however: Trump appeared to agree to meet with workers from both the ethanol and oil refining industries Thursday, according to both Joni Ernst and Cruz. READ MORE
Excerpt from Politico's Morning Energy: : Trump will hold his third meeting of the week today on the Renewable Fuel Standard, this time meeting with industry players on both sides of the issue. As of Monday, the only guest of the White House ME could confirm is Jeff Broin, CEO of ethanol producing giant POET, and Agriculture Secretary Sonny Perdue said his deputy, Steve Censky, would be there. But if any of these other folks cancel a meeting with you today, they might be at the White House: Iowa corn farmer Bill Horan, Renewable Energy Group CEO Randy Howard, Sheetz executive VP Mike Lorenz, Iowa farmer Bill Horan, Absolute Energy president Rick Schwarck, Michael Irmen from the Anderson Ethanol group, Philadelphia Energy Solutions CEO Greg Gatta, and someone from the United Steelworkers.
SOONER OR LATER? Oklahoma Sen. Jim Inhofe thinks there’s a deal to be made on RFS this year, but he doesn’t think it’ll come from the ongoing negotiations led by Sen. Ted Cruz. “You’re overlooking the bigger player and that would be [Senate Majority Whip John] Cornyn,” he told ME. "We have talked about compromises that might be acceptable to both sides.” Chuck Grassley has been resistant, along with other ethanol backers, to tweaking the program until 2022.
QUOTED: "I want to say this very clearly, not so much for you in the audience, but I want to say it for the press that has written several different things. Hear me clearly, all of you," Perdue said in a speech Wednesday. "I will not, I have not and will not support any policies in this country that diminish the demand, undermine the RFS and are harmful to our agricultural producers." More here from Pro’s Catherine Boudreau. READ MORE
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