The Senator Chuck Grassley stated on twitter this morning that there was no deal reached at the White House meeting regarding the Renewable Fuels Standard (RFS) program.
Just left WH mtg on the RFS. Same discussion again. No deal made. RFS program design destroyed by RIN cap/waiver. Not “win win” promised Would destroy ethanol demand making benefits of RVP useless
— ChuckGrassley (@ChuckGrassley) February 27, 2018
Clearly the Iowa Senator, ethanol and agriculture hawk, was not satisfied with tone or substance of the meeting.
The RIN cap/waiver referenced would cap the price of renewable identification numbers (RINs). A Renewable Identification Number (or RIN) is a serial number assigned to a batch of biofuel for the purpose of tracking its production, use, and trading.
The reference to RVP or Reid vapor pressure is seemingly saying a nationwide waiver proposed by U.S. EPA Administrator Scott Pruitt would be pointless as Grassley believes all of ethanol demand would evaporate if the RIN cap were implemented.
James Osborne of Houston Chronicle notes the reference in Grassley’s “not win-win” statement as a rebuke of Senator Ted Cruz’s characterization of the White House meeting.
WASHINGTON – Efforts by Sen. Ted. Cruz to negotiate a compromise with Midwestern senators on the federal government’s ethanol mandate appear to have hit a wall.
Following a meeting with Cruz and President Donald Trump at the White House, Sen. Chuck Grassley, R-Iowa, tweeted “no deal” and later disputed Cruz’s argument the biofuels compliance system – known as Renewable Identifications Numbers or RINs – was hurting oil refineries.
Cruz is urging the Trump administration to place a price cap on RINs, through which the federal government tracks the usage of ethanol and other biofuels in a bid to cut cost for refineries around Houston and the country.”I believe we are likely to arrive upon a win-win solution.”