FOR IMMEDIATE RELEASE
March 9, 2018
Contact: Andrew Jerome, 202-314-3106
WASHINGTON – Trump Administration officials will meet leaders from biofuel and oil companies on Monday to end the current impasse over the Renewable Fuel Standard (RFS).
One proposal being floated by oil company representatives would put a cap on prices for Renewable Identification Numbers, or RINs, which are required to comply with the RFS. The proposal stands to undermine growth in the biofuels industry, according to National Farmers Union (NFU).
NFU President Roger Johnson issued the following statement in advance of Monday’s meeting:
“NFU opposes a cap on RIN prices because it would undermine the RFS and disincentivize blending of homegrown, renewable fuels in our transportation sector. Production of these biofuels is vital to family farmers and rural communities right now, as farm incomes are less than half of what they were just four years ago.
“Not only is a RIN cap harmful to American agriculture, it is a sellout of farmers and a handout to refiners. The Administration should simply lift the summertime restriction on the sale of E15, which would both boost ethanol production and decrease costs for refiners by instituting new RINs. NFU strongly urges the Administration to reject any RFS deal that includes a cap on RIN prices.”
National Farmers Union has been working since 1902 to protect and enhance the economic well-being and quality of life for family farmers, ranchers and rural communities through advocating grassroots-driven policy positions adopted by its membership.