May 8, 2018 / 5:27 PM / a year ago

Trump open to exported ethanol qualifying under biofuel laws - source

U.S. President Donald Trump arrives for the launch of first lady Melania Trump's "Be Best" initiative in the Rose Garden at the White House in Washington, U.S., May 7, 2018. REUTERS/Kevin Lamarque

NEW YORK (Reuters) - U.S. President Donald Trump told a group of Republican senators on Tuesday that he is considering allowing exported ethanol and other biofuels to count towards the annual volumes mandated by the Environmental Protection Agency, according to a source briefed on the discussions.

The president also backed off plans to put a price cap on compliance credits refiners must submit to the EPA and supports lifting restrictions on the sales of higher ethanol blends of gasoline, the source said.

Trump hosted a meeting with a group of senators and administration officials on Tuesday to outline a plan to help refiners with regulatory cost of the U.S. Renewable Fuel Standard (RFS) while boosting demand for corn-based ethanol.

Reporting By Jarrett Renshaw; Editing by Marguerita Choy

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