Workers and executives from several oil refineries joined local politicians earlier this month in Trainer to urge Donald Trump to reform the biofuels program, writes Jarrett Renshaw for Reuters.
The crowd of around 100 warned that, without reform, the future of their plants was uncertain.
The renewable fuel program currently requires both local refineries and importers to blend ethanol into their fuels or buy credits from companies that do. This pits the oil and ethanol lobbies against each another.
However, Trump promised he would protect the current program for corn growers, while also signaling that he sympathizes with the nation’s refiners that bear the costs.
The speakers at the event said that banks and trading firms, which have been exploiting the tradable credits that form the basis of the renewable fuel program, are threatening companies like Monroe.
“Big oil companies and Wall Street investment firms are earning windfall profits and putting this burden on the small, independent refiners,” said Jeff Warmann, chief executive of Monroe Energy.
Warmann said that speculators have driven up the price of the credits, making them now so high that Monroe spends $500,000 every day just to comply with the program.
Read more about biofuel tax credits from Reuters by clicking here.