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Trump Impeachment Fight Is Hurting the Market for Biofuel Credits

  • Trump promised a “giant package” on ethanol in August tweet
  • Renewable Identification Numbers have declined since Sept. 18
Grain rail cars sit on tracks at an ethanol biorefinery in Gowrie, Iowa.
Photographer: Daniel Acker/Bloomberg
Updated on

The impeachment inquiry into President Donald Trump is reverberating in the market for biofuel credits as his fight against Democrats is likely to take precedence over the “giant package” for ethanol and farmers he promised in late August.

Prices for Renewable Identification Numbers, or RINs, the credits used by refiners to show compliance with U.S. quotas for grain-based ethanol and biodiesel, have lost at least $1.4 billion in value since Sept. 18, when reports surfaced that a whistleblower complaint centered around Trump’s communications with a foreign leader, later revealed as Ukraine President Volodymyr Zelensky. On Sept. 24, House Speaker Nancy Pelosi, a California Democrat, announced the start of an impeachment inquiry.