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Following Phila. Energy Solutions Rally, Pres. Trump Calls Meeting to Address Biofuels Regulations

Friday, February 23, 2018   (0 Comments)
Posted by: Catie Scott
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Today is was announced that President Trump called a meeting for early next week to discuss the Renewable Fuel Standard amidst the debate between the oil and corn industries.  Included in the meeting attendees will be Senator Ted Cruz (R-TX), who this week spoke at a rally at area refinery Philadelphia Energy Solutions (PES).  At the rally, Cruz addressed the skyrocketing RIN prices that have proven to be detrimental to merchant refiners, who are required to purchase the credits.  

Ten years ago, PES spent just $10 million complying with the Renewable Fuel Standard. Due to increased RIN prices since then, the company spent nearly $218 million last year alone. A proposed solution to this issue would be capping the price at 10 cents.

 




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