EPA Gives Refiners More Time on Fuel Quota

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Aug. 6 (Bloomberg) -- The Environmental Protection Agency gave refiners additional time to meet renewable fuel quotas, although it left unchanged this year’s mandate to use 16.55 billion gallons of those fuels. Peter Cook reports on Bloomberg Television's "Bloomberg West". (Source: Bloomberg)

Cook is here to explain.

What does that mean?

This is a beetle for anyone in the refining -business- bi -- big deal for anyone in the refining business.

This is the mandate for putting biofuels in gasoline.

The big news here is the epa is giving refiners more time until june 30 to actually comply with the mandate in the law until june 30. it is keeping that mandate at the current level, 16.5 or gallons of biofuels will be required to be used.

The breakdown is important.

6 million gallons of biofuel needs to be used with in the gasoline industry over the course of the industry.

It could be as high as 10 million.

There were questions if there was enough to reach the 10 million target.

The epa has brought that down to 6 million.

It has indicated that the target for 2014 could also be lower in 2014. it is very important for the refining business.

A lot of the companies have been fighting the standard.

We want the government to scrap it altogether.

That has not happened.

Proponents have stuck to their guns.

They have lobbied hard for this to be maintained.

At the end of the day it has been maintained.

There have been some modifications here to make it easier for refiners and the producers of these ethanol product to meet s to meet the goals going forward.

Thank you.

This text has been automatically generated. It may not be 100% accurate.

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