Trump White House seeks to assuage farmer unrest over biofuel policy: sources
Source: Reuters
POLITICS AUGUST 20, 2019 / 1:28 PM / UPDATED 2 HOURS AGO
Trump White House seeks to assuage farmer unrest over biofuel policy: sources
Jarrett Renshaw, Humeyra Pamuk
5 MIN READ
NEW YORK/WASHINGTON (Reuters) - President Donald Trump’s administration has been scrambling to stem the tide of rising anger in Farm Belt states after its decision this month to allow numerous oil refiners to mix less ethanol into their gasoline, sources told Reuters on Tuesday.
Trump held a two-hour meeting on Monday with members of his Cabinet after hearing blowback from farmers after the decision to grant exemptions from the nation’s biofuel laws to 31 refineries, two sources familiar with the discussions said. Trump’s re-election campaign team also took notice of Democratic presidential candidates seizing on the unrest, the sources said.
Iowa, the nation’s largest producer of corn and ethanol, is a swing state won by Democrat Barack Obama in consecutive elections before Trump rode to victory in 2016 in part by promising to support ethanol.
It was unclear what actions Trump would be able to take to appease angry farmers. Reversing the 2018 waivers was floated as an option but quickly knocked down, the sources said, but the administration was trying to find other ways to boost ethanol demand.
Refiners are required to blend biofuels into the nation’s gasoline pool or buy credits to fund those refiners who can. News of the meeting sent the compliance credits soaring by 50% on Tuesday before pairing gains.
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Read more: https://www.reuters.com/article/us-usa-biofuels-trump-exclusive/trump-white-house-seeks-to-assuage-farmer-unrest-over-biofuel-policy-sources-idUSKCN1VA1V0
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