Reuters reveals key U.S. biofuel news; market reacts
Reuters exclusively revealed the U.S. Environmental Protection Agency’s 2019 biofuel volumes mandate on Thursday, publishing figures crucial to the oil refining and agriculture industries a day ahead of their official release.
Biodiesel blending credits rose nearly 10 percent on the report, which showed the EPA hiking the volume of advanced biofuels it requires refiners to blend into their fuel. The figures also confirmed an earlier Reuters report that the agency had rejected requests from the corn lobby to reallocate volumes waived in 2018.
On Wednesday, Reuters exclusively reported the Trump administration was temporarily freezing a program intended to exempt small oil refineries in financial distress from the U.S. biofuels law pending a review, which added 30 percent to the price of renewable fuel credits. Last week, Reuters also exclusively reported on Chevron having received such an exemption for one of its facilities, in a year the company made over $9 billion in profits.