American Soybean Association worried about more states seeking to avoid RIN compliance
In Washington, American Soybean Association is warning against requests from several states with large petroleum interests that are petitioning for a rollback of Renewable Fuel Standard volumes. These requests, if acted on, would strike a major blow to domestic U.S. soybean markets and rural economies more broadly.
Several governors petitioned the Environmental Protection Agency to waive all 2027 RFS compliance for petroleum refiners in their states, arguing that it will lower fuel prices. However, national average costs of biofuel blends are lower than conventional petroleum fuels. At least one petition falsely claimed that a waiver would support agriculture and poultry producers, despite the economic benefits that strong renewable fuel demand provides to both industries and rural communities. Like all Americans, farmers are feeling the impact of the price at the pump and having to make difficult choices to remain in business. But make no mistake: undercutting the RFS by waiving compliance would result in a giveaway to refineries that are making record profits while U.S. agriculture would be left holding the bag. U.S. oil and gas companies have made a record $160 billion in profits since April, an over 175% increase compared to last year. At the same time, American farmers are struggling to support their farms and cannot afford another market loss.
Category: Policy
