EPA seen retroactively cutting 2020 and 2021 RVO in response to COVID-19

In Washington, Reuters reports it has seen a document showing the Environmental Protection Agency plans to reduce blending for 2021 to 18.6 billion gallons of ethanol, lower than the 20.1 billion gallons set for 2020. The proposal also seeks to cut the 2020 mandate retroactively to 17.1 billion gallons. The cuts in blending are meant to be in response to lower gasoline demand, and therefore blending, in 2020 and 2021 due to the Coronavirus pandemic. Blending for 2022 is expected at 20.8 billion gallons. D6 corn ethanol RIN prices fell to 92 cents from $1.07 on the back of the news.