• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 5 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 1 min A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 31 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 18 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 18 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel

EPA Gives Biofuel Waiver To Billionaire Icahn’s Oil Refinery

oil storage

The U.S. Environmental Protection Agency (EPA) has granted an oil refinery owned by billionaire Carl Icahn a waiver from the biofuel blending regulations—a waiver typically given to companies in financial hardship, Reuters reported on Monday, citing to two industry sources it had briefed on the matter.

Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the infrastructure to blend biofuels must purchase tradeable blending credits known as Renewable Identification Numbers, or RINs. The EPA has the authority to grant waivers from the renewable fuel standard to refineries whose oil processing capacity is below 75,000 bpd if the companies owning the refinery can prove that the credits they must buy are causing them financial hardship.

The EPA waiver for the 74,500-bpd Wynnewood, Oklahoma, refinery owned by Icahn’s CVR Energy has been granted in recent months, Reuters sources said, without specifying exactly when the waiver was given.

“This one’s going to be hard for [Scott] Pruitt to explain,” Brooke Coleman, head of the Advanced Biofuels Business Council industry group, said in an email to Reuters on Friday, referring to the EPA administrator.

Billionaire Icahn was a special advisor to U.S. President Trump on issues relating to regulatory reform. Icahn stepped down from that role in August last year after criticism from lawmakers that there was a conflict of interest between his role as advisor and investor in the refinery business.

Related: Venezuela Offers India 30% Discount On Oil...If It Pays In Cryptocurrency

CVR Refining reported last week that its net income more than doubled in Q1, and chief executive Dave Lamp said that “The quarter’s fiscal performance was driven by stronger crack spreads, hedging gains, a reduction to our estimated Renewable Volume Obligation and lower Renewable Identification Number prices.”

In the conference call with analysts, Lamp said that “CVR Energy has had a long history of keeping RFS compliance strategy confidential.”

Earlier this month, reports emerged that the two U.S. supermajors ExxonMobil and Chevron had asked EPA to waive the obligations for biofuel blending for their smallest refineries— Chevron for its 54,500-bpd refinery in Utah, and Exxon for its 60,000-bpd refinery in Montana.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tom on May 01 2018 said:
    Kr55

    Actually you have it totally backwards, No Ethanol Gas - Should be labeled "Extra-Pollution-Fuels"

    No Ethanol Fuel contains more Benzene, Toluene and Xylene than ethanol blended fuels do.

    Ethanol replaces the Octane those Cancer Causing Hydrocarbons provide.

    Ethanol blending also significantly reduces toxic tailpipe emissions.

    This is what is so hideous about all the Refinery Waivers Scott Pruitt is handing out.

    Were going backwards on clean fuels and air quality, so refiners, many of them Billion Dollar Corporations, can make more money, at the expense of clean air and public health.

    Big Oil Loves the MONEY, and as stated by Reality,

    They have no Shame.
  • Reality on May 01 2018 said:
    In the Bible the Lord talks about a people that are so hardened and sinful that they don't even know how to blush.

    Jeremiah 6:15 and 8:12

    "Were they ashamed because of the abomination they had done?
    They were not even ashamed at all;
    They did not even know how to blush,
    Therefore they shall fall among those who fall,
    At the time that I punish them,
    They shall be cast down," says the LORD.

    I don't think the Oil Industry even knows how to blush.

    Unrestrained, unabashed, unapologetic, self serving ---- Greed. American Oil
  • Kr55 on May 01 2018 said:
    Good. biofuels are garbage and polute more to create than just using oil. Shouldn't be called bio-fuels, should be called extra-polution-fuels.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play