When Congress announced the US Renewable Fuel Standard a decade ago the aim was to combat the growing need for foreign oil as well as increase the production and promotion of clean, renewable biofuels. As 2016 approaches, and the Environmental Protection Agency is days away from the updated renewable volume obligations (RVO) for 2014, 2015, and 2016, the landscape that led to these implementations has changed considerably. Demand for foreign oil in the US has dropped tremendously as domestic oil production has increased to its highest level in 17 years, while the growing increase in fuel-efficient vehicles has led to total gasoline retail sales by refiners dropping to more than half of their 2005 levels. With the EPA proposing lowering the volume requirements by 20.5% (4.2 billion gallons), as well as growing support and creation of anti-RFS lobbying groups, US ethanol and gasoline traders and brokers hesitantly await the […]