NEW YORK — The Trump administration is considering financial aid for oil refiners denied waivers that exempt them from US biofuel blending requirements, two sources familiar with the matter said on Friday.
Sources told Reuters this week that President Donald Trump has instructed his Environmental Protection Agency (EPA) to deny dozens of requests from oil refiners for retroactive waivers. The financial relief would be a way for the administration to assuage refiners that say requirements to blend billions of gallons of biofuels into their fuel are too pricey.
It was not immediately clear which refiners would be eligible for cash aid, or how the EPA would provide the financial relief. Details were still being discussed, the sources said.
EPA did not immediately respond to requests for comment.
Bloomberg earlier reported the development.
Under US law, refiners are required to blend biofuels into the fuel mix, or buy tradable credits from those that do. Refiners can also apply for exemptions to the laws if they can prove compliance would financially harm them. — Reuters