It’s Buffett vs. Icahn as Lobbying Heats Up Over U.S. Ethanol
- Association of American Railroads argues against Icahn efforts
- Renewable fuel paper credits trading at one-week high
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U.S. railroads, including Warren Buffett’s BNSF, are joining a corporate brawl over ethanol mandates that pits American corn farmers and fuel distributors against independent oil refiners like billionaire Carl Icahn.
The American Association of Railroads (AAR), which represents the interests of BNSF, Union Pacific Corp., CSX Corp., Norfolk Southern Corp. and others, is pushing back against calls by Icahn’s CVR Energy Inc. and Valero Energy Corp. for changes to the Renewable Fuel Standard, the law that requires escalating amounts of biofuel to be mixed with petroleum.