Refiners Pare Gains as Trump Denies Change to Biofuels Rules
- Blending credits rebound after dropping as much as 35%
- White House says no ethanol executive order in the works
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Shares of U.S. refiners pared gains late Tuesday after President Donald Trump’s administration denied that it was considering a proposal to change biofuel blending rules.
Billionaire investor Carl Icahn and the leading U.S. biofuel trade group struck a deal to revamp a law that mandates oil refiners to either blend petroleum-based fuels with ethanol and biodiesel, or buy blending credits called RINs, according to people familiar with the agreement, and the shares rose earlier in the day on the news. They slipped after the White House said there was no deal.