The new quotas are well below the increase sought by producers. Read more at straitstimes.com.
WASHINGTON – The Biden administration handed a setback to makers of bio and renewable diesel with federal quotas for the fat-based fuel that advocates say ignore a surge in production and a wave of investment in new manufacturing plants.
The quotas, governing how much renewable fuels must be blended into US gasoline and diesel supplies, were detailed by people familiar with the matter who asked not to be named before a formal announcement. The closely watched quotas have long been a source of tension for Republican and Democratic presidents as they seek to balance oft-competing oil refining and agricultural interests. President Joe Biden campaigned on promises to promote corn-based ethanol, but his administration has put muscle into a push for electric vehicles that could limit the market for all liquid fuels, whether made from plants or petroleum.
Darling Ingredients, which through its Diamond Green Diesel partnership with Valero Energy Corporation is the top US producer of renewable diesel, tumbled as much as 8.1 per cent, the stock’s biggest intra-day decline in more than three months. Valero fell as much as 3.4 per cent while ethanol maker Green Plains pulled back 3.2 per cent. Agriculture behemoths Archer-Daniels-Midland Company and Bunge Ltd also retreated.
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