Trump Said to Consider Biofuel Plan Between Icahn, Ethanol Group
- Icahn reaches deal with biofuel group to shift RFS obligation
- Biofuel trading credits plunge, corn prices surge on the news
Billionaire investor Carl Icahn and the leading U.S. biofuel trade group provided a deal to the Trump administration for revamping the Renewable Fuel Standard that would give both parties a long-sought change to the regulation, according to people familiar with the agreement.
The parties, including representatives of refiner Valero Energy Corp., presented the White House with a memorandum containing draft language it could use to direct the Environmental Protection Agency to make the adjustments, according to the people, who declined to be identified discussing ongoing negotiations. Prices for biofuel credits plunged on the news while futures contracts for corn, the raw material used to manufacture ethanol, surged.