1. High, high drama today in the #RFSwars. Clear that the RIN price cap proposal bombed a second time. But @OPISBiofuels reporting that D6 RINs dropped 20% this morning on Bloomberg report that Trump Admin will appeal the 10th circuit ruling regarding #SREs.
@OPISBiofuels 2. I found two things interesting in the @OPISBiofuels article. First, "Bloomberg reported that an intervention by Attorney General William Barr and "an intense pressure campaign" by Texas Republican Sen. Ted Cruz had EPA now set to appeal the ruling."
@OPISBiofuels 3. Second, the ferocious reaction of ag groups. "The president needs to understand that Ted Cruz doesn't care about this administration or families across the heartland who are counting on the White House to keep its promises."
@OPISBiofuels 4. " Just days ago, thousands of farmers rallied behind Secretary Perdue, who expressed his confidence that we had finally reached the end of a long and painful fight against EPA demand destruction."
@OPISBiofuels 5. "Tearing open that wound, against the advice of rural champions and the president's own advisors, would be viewed as a stunning betrayal of America's rural workers and farmers. "
@OPISBiofuels 6. These statements could not make any clearer the political positions of the two combatants in the #RFS wars.
@OPISBiofuels 7. I have thought for some time that the Admin would end up appealing the 10th circuit ruling AND delaying decisions on 2019 SREs. Put it all in suspended animation through November. But gonna make ag side hopping mad. But will it matter?
@OPISBiofuels 8. From what I have read, the odds of Trump Admin winning on appeal of 10th circuit ruling on #SREs is pretty low. This is most likely only delaying the inevitable from a legal standpoint. However, it is clear that refiners don't care about this.
@OPISBiofuels 9. Refiner strategy is to just keeping throwing money and legal challenges at the #RFS to delay full implementation as long as possible. My question today: Why do refiners throw this many resources into the #RFSwars? Does not make sense to me.
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