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Icahn Cheers Trump EPA Pick Amid Calls for Fuel-Rule Revamp

  • Icahn refiner wants $15 billion renewable-fuels market changed
  • Cost of credits surged as U.S. mandates on biofuels at record
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Icahn: Pruitt a Great Pick for EPA

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Six weeks before he becomes U.S. president, Donald Trump is already disrupting an obscure, $15 billion corner of the world’s biggest fuel market, drawing cheers from long-time supporter and fellow billionaire Carl Icahn.

Trump nominated Oklahoma Attorney General Scott Pruitt, an oil-industry champion and opponent of the Obama administration’s climate agenda, to head the Environmental Protection Agency. Refinery owners including Icahn attacked the EPA in the past year over rising costs to comply with renewable-fuel mandates, including credits linked to Renewable Identification Numbers (RINs). Icahn hailed Pruitt’s nomination, saying Trump consulted him on the pick.