President Donald Trump will soon unveil a biofuel plan that farm groups are hopeful will increase demand for biofuels production. The President has tentatively approved the plan that will increase biofuel blending requirements, but the administration has not yet publicly announced the plan.
Senior Senator Chuck Grassley says the announcement is coming, and will be a “win-win” for farmers. However, Grassley is unsure when the administration will announce the plan.
Reuters says the plan requires the Environmental Protection Agency calculate a three-year rolling average of total biofuels gallons exempted from the mandates under its Small Refinery Exemption program and add that figure to its annual biofuel blending quotas each year.
The administration recently granted 31 waivers to exclude refineries from the RFS blending requirements. Trump has also met with oil industry executives earlier this week, as well. President Trump ordered a review of the waivers in June.