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Biden’s climate goals will boost ethanol for now
US President Joe Biden
Jinjoo Lee
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In the tug of war for former President Donald Trump’s favors, oil refiners won some surprising victories over ethanol producers. Their fortunes are about to flip under President Joe Biden’s climate-driven administration.
The fate of U.S. oil refiners and ethanol are inextricably linked through the so-called Renewable Fuel Standard, which sets annual quotas for the quantity of ethanol and biodiesel that must be blended into transportation fuels. The burden of meeting the blending requirements falls on those that refine or import oil. Those unable to meet any given year’s quota must fulfill it by buying Renewable Identification Numbers (RINs) in the open market from those who have blended gallons to spare. ....

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