Commodities

White House drops plan to bail out oil refiners denied biofuel waivers – sources

Credit: REUTERS/BRYAN WOOLSTON

The White House has dropped a plan to provide funds from the U.S. Department of Agriculture (USDA) to oil refiners that are denied exemptions from the nation’s biofuel regulations, according to two sources familiar with the matter.

NEW YORK, Sept 21 (Reuters) - The White House has dropped a plan to provide funds from the U.S. Department of Agriculture (USDA) to oil refiners that are denied exemptions from the nation’s biofuel regulations, according to two sources familiar with the matter.

The Trump administration was considering doling out at least $300 million in cash aid to the facilities, potentially from the USDA’s Commodity Credit Corporation, triggering an outcry from Midwest lawmakers who argued the money should be used for farmers not the oil industry, Reuters previously reported.

(Reporting by Stephanie Kelly; Writing by Richard Valdmanis; Editing by Christian Schmollinger)

((richard.valdmanis@thomsonreuters.com; +1 617 312 6022; Reuters Messaging: richard.valdmanis.thomsonreuters.com@reuters.net))

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