Icahn Defends Ethanol Plan Amid Criticism of His Role as Trump Adviser
- Gain in value of his refinery investments led to criticism
- White House considering proposal to revamp biofuel mandate
Billionaire activist investor Carl Icahn.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Billionaire Carl Icahn defended his plan to restructure a U.S. biofuel program, arguing that without changes, it will put independent refiners and small filling station owners out of business.
Icahn’s high-profile role pushing the issue has fed criticism because of his status as an unpaid special regulatory adviser to President Donald Trump as well as a majority owner of CVR Energy Inc. Shares in the Texas refiner surged Tuesday, after reports of Icahn’s plan -- but as of Thursday evening, most of those gains had been pared.