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Waivers. in the last 12 months our company has lost over $150 million making ethanol under this epa policy. so that's where we are working with the administration to say, hey, this has gone too far. this is not just hurting us. the we just happen to be a corporate entity that can withstand this. but there are a lot of ethanol refineries that are closing that are owned by farmers. >> reporter: why have you guys lost money? >> we have lost money because, number one, our demand has been destroyed by these smaller refinery exemptions. and you have got to fix this. your epa went too far. >> reporte...

They say that they have lost $150 million alone in just the last year because of these exemptions. but you also look at just last week there was an indiana-based corn ethanol plant that just shut down. just yesterday one up in minnesota announced its closure. because of that the decrease in demand for the ethanol. what you see is that ripple effect going out into the farms. we talked to one farmer yesterday who told us that, look, he voted for the president back in 2016, he wants to vote for him again in 2020 believing at one point that he was there to defend the american farmer taking on the ...

What's really bad isn't a waiver. it's that it's being granted to people that really aren't hardshiped. and that's where it ought to be identified. >> president trump tried to ease the tension today tweeting that his administration is planning a giant package related to ethanol and that farmers will be happy with it. he didn't say what the giant package might be. nbc's vaughn hillyard has been talking with corn farmers and ethanol producers in iowa. he joins us now from the town of shenandoah. vaughn, it's a complicated issue to understand. tell me how these waivers affect corn producers and e...