The Environmental Protection Agency will unveil a less ambitious version of its proposed biofuel credit market reform this month after concluding that many of its initial ideas required more time to study, Reuters reports.
Pres. Trump had asked that reforms be finalized prior to June 1 to coincide with the EPA’s move to provide year-round access to E15, or gasoline blended with 15% ethanol, but time reportedly has run out for finalizing most parts of the initial draft plan, which had been drawn up in March.
The initial EPA plan to reform the RIN market would have barred trading by non-industry players, publicized large positions, improved price transparency, imposed limits on credit hoarding and provided the EPA with increased market monitoring powers.
It is unclear whether a narrower version of the reform plan will limit any benefits to oil refiners, who have complained that compliance with the Renewable Fuel Standard costs millions of dollars.