US President Donald Trump has urged oil and biofuels producers to negotiate a compromise on the future of US biofuels policy, aiming to avoid the political clashes that defined his first term in office.
The oil industry and biofuel producers have long competed for a share of the multi-billion dollar US gasoline market, often clashing over the Renewable Fuel Standard (RFS), a federal programme that requires billions of gallons of ethanol and other biofuels to be blended into the nation’s fuel supply.
Following the White House directive, at least two meetings have been held, discussing key issues such as future biofuel blending mandates, exemptions for small refiners and biofuel tax policies.
Any agreement between the two industries could influence the Trump administration’s approach to biofuels policy in the future.
Source: Reuters