Cruz proposes 10 cent cap on each renewable fuel credit

In Texas, U.S. Senator Ted Cruz (R-TX) proposed a cap of 10 cents on each renewable fuel credit, which is a fraction of their value, to be placed to help the oil industry and refiners deal with the RFS requirements. His proposal requests that the EPA sell “fixed price waiver credits” at 10 cents each and also proposed the formation of a working group to come up with a longer-term solution, according to Reuters. Cruz supports refiners who are saying the RFS costs hundreds of millions of dollars a year and could put them out of business. Corn state Congress members are asking Cruz and other lawmakers linked to the oil and refining industries to come up with alternative proposals that could lower credit costs without harming the RFS.