Facing farmer anger, Trump scrambles Cabinet to brainstorm on…

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U.S. President Donald Trump, faced with mounting anger in the farm belt over policies that allow oil refineries to use less corn-based ethanol, summoned Cabinet members on Thursday to discuss ways to boost biofuel demand, four sources familiar with the matter said.

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WASHINGTON/NEW YORK (Reuters) – U.S. President Donald Trump, faced with mounting anger in the farm belt over policies that allow oil refineries to use less corn-based ethanol, summoned Cabinet members on Thursday to discuss ways to boost biofuel demand, four sources familiar with the matter said.

FILE PHOTO: Corn is loaded into a truck at a farm in Tiskilwa, Illinois, U.S., July 6, 2018. REUTERS/Daniel Acker/File Photo

Refiners and some academics dispute the contention that waivers have decimated ethanol demand, and the industry and its allies have fought to keep the waivers intact.

On Thursday, North America’s Building Trades Unions (NABTU) sent a letter to Trump supporting waivers, saying they significantly reduced costs for refineries and alleviated a threat to thousands of jobs.

Renewable fuel credits for 2019 traded at 16.5 cents apiece throughout the session on Thursday, up from 14.75 cents each on Wednesday, traders said. The credits have steadily climbed from trading at 11 cents apiece two weeks ago as refiners sought to actively buy in the market.

Reporting by Humeyra Pamuk in Washington, Stephanie Kelly and Jarrett Renshaw in New York; Additional reportting by Alexandra Alper; Editing by David Gregorio and Rosalba O’Brien


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Author:

U.S. President Donald Trump, faced with mounting anger in the farm belt over policies that allow oil refineries to use less corn-based ethanol, summoned Cabinet members on Thursday to discuss ways to boost biofuel demand, four sources familiar with the matter said.

Source: {authorlink}

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