U.S. Senator Cruz wants to cap renewable fuel credits at 10 cents - document
Source: Reuters
#ENVIRONMENT DECEMBER 15, 2017 / 11:58 AM / UPDATED 8 MINUTES AGO
Exclusive: U.S. Senator Cruz wants to cap renewable fuel credits at 10 cents - document
Jarrett Renshaw
3 MIN READ
NEW YORK (Reuters) - U.S. Senator Ted Cruz wants to place a cap of 10 cents each on renewable fuel credits - a fraction of their current value - to help U.S. refiners cope with the nation’s biofuels policy, according to a document viewed by Reuters on Thursday.
Congress members from corn states this week had asked Cruz, a Texas Republican, and other lawmakers allied with the refining industry to offer specific proposals that would lower compliance credit costs without injuring the Renewable Fuel Standard, a program championed by Midwestern states like Iowa and Nebraska.
The ethanol industry has said placing caps on the credits was a non-starter, and that other alternatives were better, such as allowing high-ethanol grades of gasoline into the fuel pool all year.
According to Cruz’s proposals, the U.S. Environmental Protection Agency should sell “fixed price waiver credits” at 10 cents each that would satisfy all categories under the Renewable Fuel Standard. The senator added that a working group comprised of administration officials, lawmakers and stakeholders should be formed to come up with a longer-term solution.
-snip-
Read more: https://www.reuters.com/article/us-usa-biofuels-rins-exclusive/exclusive-u-s-senator-cruz-wants-to-cap-renewable-fuel-credits-at-10-cents-document-idUSKBN1E9289
