White House delays biofuel mandate on political concerns - Reuters
The Biden administration has delayed the annual rulemaking process to decide on U.S. biofuel blending mandates, Reuters reports, postponing a solution to the contentious issue as it focuses on keeping Democrats unified on pushing through priority spending bills with slim majorities in both houses.
Biofuel-related names trade higher: GEVO +8.8%, AMTX +6.8%, DAR +6.4%, REX +5.2%, REGI +4.5%, GPRE +2.8%, ADM +1%.
ETFs: CORN, FUE, CRAK
Lawmakers that represent constituents from both the corn growing and oil refining industries have been pushing the Biden administration on the issue for months.
Oil refiners have warned the cost of complying with the federal biofuels mandate could soar past $30B this year.