May 8, 2018 / 5:32 PM / 16 days ago

Trump backs plan to attach RINs to exported biofuels - senator

NEW YORK (Reuters) - U.S. President Donald Trump has decided to allow exported ethanol and other biofuels to count towards the annual volumes mandated by the U.S. Environmental Protection Agency, Republican Senator Ted Cruz of Texas said on his Twitter feed on Tuesday.

The president also agreed to lifting restrictions on sales of higher ethanol blends of gasoline, with Cruz calling it a “win-win.”

“More corn will be sold (good for farmers), plus lower RINs (saves blue-collar refinery jobs), plus more ethanol exports (good for America),” Cruz wrote.

The Renewable Fuel Standard (RFS) requires refiners to blend biofuels such as ethanol into their fuel or buy credits, known as RINs, from those that do.

Reporting By Jarrett Renshaw; Editing by Marguerita Choy

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