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Grassley and Ernst on Trump RFS meeting – “no deal”

Iowa’s U.S. Senators say no deal has been reached to change the Renewable Fuel Standard at Tuesday’s meeting with President Trump and Senators Ted Cruz and Pat Toomey. Iowa Senator Chuck Grassley told reporters the oil senators’ proposals to reduce the cost of RINS credits are non-starters, “As of right now the White House said there’s been no decision made and I don’t think the facts have changed and the facts are on our side.”

Iowa Senator Joni Ernst says President Trump wants to meet with biofuels industry officials this Thursday to hear more about their side. Ernst says it’s clear, RINs are not the problem for oil refiners, “There have been no independent studies that we are aware of that RINS are the problem for these smaller refineries. Matter of fact, we have seen many oil refineries that have increased their profits significantly over the past couple of quarters.”

When asked if Cruz were to back off on his proposals, Grassley said, “I wouldn’t expect Senator Cruz to back off on any position he has on any subject.”

Senator Cruz released a statement after the meeting saying Tuesday’s meeting with the president was “positive and productive” and a “win-win solution” is likely.”  Grassley says getting rid of RINs would destroy ethanol demand.

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