LINCOLN — The Trump Administration officials meeting with leaders from biofuel and oil companies to discuss the current impasse over the Renewable Fuel Standard (RFS) and potential caps on Renewable Identification Numbers (RINs) are pivotal to the domestic renewable fuels industry as well as family farmers whose farm incomes have plummeted to less than half of what they were four years ago.
“If President Trump sides with the oil industry and their proposal to cap RIN prices, it will also cap expanded ethanol utilization and put heavy downward pressure on already depressed ag commodity prices. The RINs are used to comply with the RFS, which is current law. A cap on RIN prices will undermine the growth of our home grown biofuels industry,” said NeFU (Nebraska Farmers Union President John Hansen.
“The oil industry’s continued resistance to following the RFS, which is the law of the land, and marketing higher ethanol blends has contributed to the high price of RINs in the first place. President Trump should not reward the oil industry for their unfortunate behavior. Instead, the President should remember that expanded utilization of domestically produced ethanol improves air quality, reduces carbon emissions, reduces consumer fuel costs, reduces RIN prices, grows our domestic economy, and supports domestic corn and ag commodity prices,” Hansen said.
“We hope President Trump does not cave into the oil industry, and instead supports the RFS, homegrown biofuels, and family farmers! The most positive and appropriate way to relieve high RIN costs is to simply approve the E15 summertime waiver, which would expand ethanol utilization which in turn provides upward price support to sagging corn prices,” Hansen concluded.
Nebraska Farmers Union is a general farm organization with 3,350 farm and ranch family members dedicated to protecting and enhancing the economic well-being and quality of life for family farmers and ranchers, and their rural communities. Since 1913, Nebraska Farmers Union has helped organize over 445 cooperatives.
— Nebraska Farmers Union
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