Friday, October 4, 2019
SIOUX FALLS, SD (October 4, 2019) – Today is a historic day for agriculture and biofuels. President Trump has once again demonstrated his support for farmers and the rural economy. During a time of such devastation across the Midwest, resulting from historic weather conditions and illegal EPA waivers, the President took action to turn around this trend and revitalize the family farm.
Most critically, today’s announcement restores the intent of the RFS, extending environmental benefits across the country and bringing economic vitality back to rural communities across the Midwest.
The reform package announced by the White House today includes accurately accounting for SREs starting in the 2020 RVO, eliminating regulatory barriers that burden fuel retailers offering higher biofuels blends, additional infrastructure funding for E15 and E85, as well as the President’s commitment to resolve trade issues impacting ethanol.
“President Trump’s announcement today has reaffirmed his commitment to farmers and rural communities and marks a great victory in the Renewable Revolution. The President’s actions will restore integrity to the RFS — starting with the 2020 RVO levels — and help pave the way for the rollout of E15, creating a huge win for farmers, biofuel producers, and consumers alike. Millions of Americans will see greater savings at the pump and have the freedom to choose climate-friendly, American-made E15, while our nation’s farmers will see increased demand for their grain at a critical time.
On behalf of all POET team members, we sincerely thank President Trump. We’re grateful for his leadership and the relentless support from our champions, Senators Ernst, Grassley, Thune, Rounds, Fischer, Sasse and Governors Reynolds, Ricketts and Noem” said Jeff Broin, POET Chairman and CEO.
This announcement is the result of unprecedented unity among agriculture and biofuels advocates, which allowed us to align on what was truly needed to address the economic crisis created by the EPA mismanagement of the RFS and overuse of SREs.
Our attention, and that of farmers across the country, now turns to EPA to do the right thing and follow the President’s clear directive as these policies are implemented.
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, resulting in low cost production and savings for farmers and investors alike. 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. This year, 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.