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Crony Capitalism at Work? Trump Adviser Carl Icahn Strong-Arms Ethanol Lobby to Save His Company Millions

Thursday, March 2, 2017 21:16
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(Before It's News)

This sounds like a battle between big time crony interests to me. One group trying to shift regulatory burden to another. But this is what happens when everything, everything, in the economy is regulated.

Oh, and by the way, all you ethanol haters, guess what? We have to have an ethanol blend in our gas all year now.

(From The Intercept)

…Icahn has long wanted the renewable-fuels industry to agree that the obligation should belong to the wholesalers, not the refiners.

And all of a sudden this week, the top renewable-fuels trade organization reversed its previous position and announced that it had reached an agreement with Icahn, on his terms.

The excitement began Monday night, when Politico Pro reported the Trump administration would soon issue an executive order moving that obligation to the wholesalers.

On Tuesday, a Trump spokesperson denied an executive order was imminent. But the same day, the Renewable Fuels Association (RFA), the ethanol industry’s top trade group, struck a deal with Icahn, agreeing to change the point of obligation in exchange for an increase to how much ethanol must be placed in gasoline. Under the deal, the 15 percent ethanol blend, or E15, would be mandatory year-round; currently that mandate is relaxed in the summertime.

This would also financially benefit Valero Energy, the oil giant that, like Icahn, owns refineries that cannot blend ethanol. Valero’s renewable division recently joined RFA, becoming its largest member. Icahn Enterprises and Valero did not respond to a request for comment…

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Source: http://www.againstcronycapitalism.org/2017/03/crony-capitalism-at-work-trump-adviser-carl-icahn-strong-arms-ethanol-lobby-to-save-his-company-millions/

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