Buffett and Icahn go head-to-head over RFS point of obligation

In Washington, Warren Buffett is going head-to-head with Carl Icahn over the future of the Renewable Fuel Standard. The two billionaires are on opposite ends of the policy, with Buffett’s BNSF railroad heavily invested in transport of ethanol while Icahn has been calling for changes to the RFS due to compliance costs for its independent refinery, CVR Energy. Neither want to end up responsible for showing compliance, which currently refiners must do but are trying to shift further up or down the supply chain, as long as it’s off refiners’ backs.