U.S. merchant oil refiners like Monroe Energy and PBF Energy Inc are playing chicken with the White House, taking moves in the biofuels credit market that could force them to close plants and fire union workers unless the Biden administration bails them out by changing the rules on blending biofuels in gasoline.
* Monroe Energy, a subsidiary of Delta Airlines
* PBF Energy Inc has amassed a $1.3 billion credit liability from halting or slowing purchases, according to its third quarter filing, up from $236 million a year earlier., whose majority owner is billionaire Carl Ichan, has a $442 million credit liability, according to the company's third quarter filing, up from $83 million a year earlier.
In September, Reuters reported that the Biden administration was considering big cuts to the blending requirements. Such a move would anger farm-state voters, so a decision has been delayed as Democratic lawmakers try to pass other big-ticket bills.Refiners have argued to the White House that the higher RIN costs have boosted prices for gasoline, which have hit above $3.40 per gallon.
In recent weeks, Monroe Energy has made a presentation to various stakeholders, including local politicians and labor leaders, painting a stark outlook for its refinery outside Philadelphia, according to two sources who have seen the documents.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Analysis: Why inflation is a political nightmare for Biden'Joe Biden's next political nightmare is inflation, a force that can destroy family budgets and political careers and is being driven by domestic and global factors tough for a president to quickly fix.' Analysis by StCollinson
Read more »
Lindsey Graham calls Joe Biden 'most incompetent president of my lifetime'The South Carolina senator said he would 'never forgive' Biden for his handling of the Afghanistan withdrawal.
Read more »
Biden administration announcing actions to alleviate supply chain issues at nation's portsThe Biden administration announced a new set of immediate and short-term actions Tuesday aimed at alleviating supply chain issues at the nation's ports, waterways and freight networks as the administration takes steps to implement the newly passed, but not yet signed, bipartisan infrastructure bill.
Read more »
Jill Biden Kicks Off COVID Vaccine Campaign for Young ChildrenFirst Lady Jill Biden has kicked off a national campaign to persuade parents and guardians to vaccinate their 5- to 11-year-old children against the coronavirus.
Read more »
Biden spoke with CEOs of Walmart, UPS, FedEx, Target on supply chains, White House saysPresident Joe Biden on Tuesday spoke with the chief executives of Walmart undefined, UPS undefined, FedEx undefined and Target undefined on Tuesday to...
Read more »
EXCLUSIVE Biden plans in-person summit with Trudeau, Lopez Obrador on Nov. 18 -sourceU.S. President Joe Biden is planning to host an in-person meeting with the leaders of Mexico and Canada on Nov. 18, the first of its kind in more than five years, a source in Ottawa said on Tuesday.
Read more »