The Trump Administration is set to announce later on Friday a plan to boost ethanol and biodiesel demand and placate the farming lobby angered by the Administration’s waivers for dozens of oil refineries exempted from blending corn-based ethanol in fuels, Reuters reports , quoting four sources with knowledge of the matter. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. The Midwest farm belt benefits from the policy, but the oil refiners do not—they lose petroleum-based market share of fuels and meeting the blending requirements costs them hundreds of millions of dollars. The U.S. biofuels policy has been pitting the oil refining industry against the Midwest farm lobby. While U.S. President Donald Trump is a vocal supporter of the U.S. oil industry, he also supports the RFS, especially corn-based ethanol, which protects farming jobs in the politically […]