Texas Senator John Cornyn is working to negotiate a settlement with his colleagues on the Renewable Fuels Standard and RINs. The Republican says he’s crafting bi-partisan legislation that he thinks will serve both the ethanol and oil industry.
He says with Texas Senator Ted Cruz and Iowa Senators Chuck Grassley and Joni Ernst at odds its tough, but he’s trying to find consensus.
Cornyn says oil refiners are having trouble meeting the 15-billion-gallon ethanol mandate in the Renewable Fuels Standard and that’s why there has been push back.
Senator Ted Cruz has proposed capping the RINs at 10-cents per gallon to lower compliance costs for refiners and President Trump has suggested he would grant an RVP waiver in exchange. However, the ethanol industry says this is a non-starter because it will dismantle the RFS.
