The planned reset of the U.S. Renewable Fuel Standard is likely to set up a fresh battle between two industries, with corn growers wanting the highest possible targets to spur investment, and oil companies eyeing the smallest to reduce costs.
The standard, which expires in 2022, was established in 2007 to boost the Corn Belt economy and help wean the country off of fossil fuels. Refiners are required to blend increasing amounts of biofuels like corn-based ethanol into U.S. gasoline and diesel each year, or purchase blending credits from companies that do.
