>

PRESS RELEASES



BACK TO PRESS RELEASES

EPA Blocks Retroactive Bailouts for Big Oil


The Trump Administration Demonstrates Support for Farm Families and Rural Jobs over Big Oil Profits


Monday, September 14, 2020


Sioux Falls (September 14) – Today POET applauds the Trump Administration’s ongoing commitment to farm families, biofuel producers, and rural economies. On Monday, the Environmental Protection Agency (EPA) denied retroactive oil refinery applications for small refinery waivers. The agency also committed to updating E15 labels and clarifying rules to support E15-compatible infrastructure.

U.S. and global surpluses of grain have grown significantly in recent years as a result of small refinery waivers, while exports have decreased and many domestic markets have remained stagnant, creating hardship for America’s farmers. Today’s announcement is a crucial step in restoring the integrity of the Renewable Fuel Standard and bringing vitality back to our rural communities.

“We’re grateful to the president for reaffirming his promise to rural America,” said POET Founder and CEO Jeff Broin. “Growth in biofuels is critical to securing a long-term, market-based solution to save family farms and secure jobs across the Heartland. Increased access to higher blends of biofuel like E15 is a win not only for farmers – now millions of Americans will have the freedom to help fight climate change by choosing an Earth-friendly, American-made fuel at the pump. This is an exciting victory in the Renewable Revolution.

“Thank you to President Trump for leading the way on this important issue, and thank you to the bipartisan coalition of Midwest policymakers for their unwavering support of agriculture and biofuels. Together we can create a brighter, healthier future for the American people.”

This is an important first step in a series of actions that must be taken by the EPA in order for farmers and consumers to fully realize the benefits of this announcement, including finalizing decisions on E15 infrastructure.

About POET
POET, headquartered in Sioux Falls, SD, is the world’s largest biofuels producer. POET is a leader in biorefining through its efficient, vertically integrated approach to production. Started in 1987, the company today has a network of 28 production facilities across 7 states. At full run rates, POET purchases 5% of US corn and produces 2 billion gallons of ethanol, 10 billion pounds of distillers dried grains, and 600 million pounds of corn oil annually. In 2019, Fast Company recognized POET on its annual list of “Most Innovative Companies” for transportation and FORTUNE recognized POET on its list of companies that are changing the world. For more information, visit poet.com.

We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By continuing to use our site, you accept our use of cookies and our Privacy Policy.
 
W>