Appeals Court Strikes Down EPA’s Denial of SREs
*Please Note – Bob Lane was out of the office today and will return on Tuesday, November 28, 2023.
On November 22, a U.S. appeals court struck down a decision...
Weekly credit volume of 362,388 was up 13 percent from last week and nine percent over the same weekly period last year. The average weekly credit volume for the year increased from 197,446 to 203,337. Average weekly transactions remained at 23. Third quarter credit volume is 140 percent over first quarter volume two weeks into the new quarter and 43 percent above the same quarterly volume last year.
Trading activity was heaviest on Tuesday with 44.5 percent of the transactions taking place. The highest average daily price was $193, which occurred on Monday. The price range credits traded in narrowed from $140.75 – $200 last week to $150 – $197 in this week’s report. The weighted-average credit price was 192.96, up slightly from $191.67. At the top of the range 250 credits traded and 12 traded at the bottom of the range. 87 percent of the credits traded at a price between $190 and $197 and one percent traded below $180.
The Jacobsen continues to expect credit volume to rise relative to last year. An additional 284 million gallons of biodiesel and renewable diesel are forecast to be produced during 2019. There were 11.18 million LCFS program credits generated during 2018 and there are 13.7 million forecast for 2019.
CARB only includes transfers that are completed in the given week. Transfers for future dates, proposed and still pending confirmation, are excluded. CARB’s weekly report excluded 17 transfer of 96,957 credits. CARB will exclude transfers that trade at, or near, zero in price.
July 12 (Washington Post) Trump escapes blame for ethanol policy hurting corn farmers – Midwest farmers and their Republican elected officials rarely miss a chance to shower President Donald Trump with praise when he takes actions they believe help agriculture, but they’re now parsing their words over the administration’s policies dealing with ethanol. While they have offered their effusive thanks to Trump for his support for the Environmental Protection Agency to allow year-round sales of E15, a higher blend of ethanol, they have criticized that same agency but not the president over an EPA recommendation last week that could limit growth of the biofuels industry. READ MORE
July 10 (Reuters) Trump intervention delaying EPA biofuel waiver action, sources say – TU.S. President Donald Trump’s request for a review of the administration’s expanded use of biofuel waivers for oil refiners is holding up its decisions on 2018 applications, according to three sources familiar with the matter, two of whom said Trump may soon host a meeting on the issue. Trump had ordered members of his Cabinet to review the controversial waiver program, which exempts small refiners in financial turmoil from their obligation to blend ethanol into gasoline, last month after hearing from farmers angry about the issue during his recent Midwest tour. READ MORE
July 09 (Reuters) U.S. refiners urge EPA to keep biofuel waiver requests secret from USDA – A law firm representing small U.S. refineries has urged the Environmental Protection Agency to keep refiners’ applications for waivers from the nation’s biofuel policy secret from the Department of Agriculture, arguing that the petitions include confidential business information. The request, made by Perkins Coie in a letter to the EPA dated July 8, adds to mounting pressure from representatives of the refining industry for the Trump administration to box the USDA out of the controversial waiver program. READ MORE
I always look forward to hearing from our customers. Please feel free to contact me with any questions, comments, or suggestions you may have. If you buy, sell, or trade any of our products, I would like to hear from you. Bob Lane at [email protected] 847-549-3640.