Exclusive: US oil industry seeks unusual alliance with Farm Belt to fight Biden electric vehicle agenda Toggle share menu
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Exclusive: US oil industry seeks unusual alliance with Farm Belt to fight Biden electric vehicle agenda The U.S. oil industry is seeking to forge an alliance with the nation s corn growers and biofuel producers to lobby against the Biden administration s push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions.
FILE PHOTO: FILE PHOTO: E85 ethanol fuel is shown being pumped into a vehicle at a gas station selling alternative fuels in the town of Nevada, Iowa, December 6, 2007. REUTERS/Jason Reed/File Photo/File Photo
While the oil industry and biofuels producers are natural competitors for space in America's gas tanks, they share a desire to ensure a future for internal combustion engines.
Read more about Oil industry seeks alliance with Farm Belt to fight Biden s EV agenda on Business Standard. While the oil industry and biofuels producers are natural competitors for space in America s gas tanks, they share a desire to ensure a future for internal combustion engines.
The U.S. oil industry is seeking to forge an alliance with the nation s corn growers and biofuel producers to lobby against the Biden administration s push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions.
Biden’s climate goals will boost ethanol for now
US President Joe Biden
Jinjoo Lee
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In the tug of war for former President Donald Trump’s favors, oil refiners won some surprising victories over ethanol producers. Their fortunes are about to flip under President Joe Biden’s climate-driven administration.
The fate of U.S. oil refiners and ethanol are inextricably linked through the so-called Renewable Fuel Standard, which sets annual quotas for the quantity of ethanol and biodiesel that must be blended into transportation fuels. The burden of meeting the blending requirements falls on those that refine or import oil. Those unable to meet any given year’s quota must fulfill it by buying Renewable Identification Numbers (RINs) in the open market from those who have blended gallons to spare.