Exclusive: U S Oil Industry Seeks Unusual Alliance with Farm Belt to Fight Biden Electric Vehicle Agenda – Advanced BioFuels USA advancedbiofuelsusa.info - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from advancedbiofuelsusa.info Daily Mail and Mail on Sunday newspapers.
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.
U.S. oil industry seeks unusual alliance with Farm Belt
1/29/2021
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.
The effort to promote liquid fuels and combat expected federal subsidies for electric vehicles marks an unusual attempt by the petroleum industry to join with its long-time rivals, reflecting the scale of its concern over President Joe Biden’s measures to combat climate change and tamp down fossil fuels.
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.
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Friday, January 29th, 2021
Oil prices appear set to close out the week mostly flat, but on Friday prices are up from a day earlier. Hopeful news surrounding the two new vaccines – one from Johnson & Johnson and one from Novavax – raised hopes of more vaccine supply.
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