The new quotas are well below the increase sought by producers. Read more at straitstimes.com.
WASHINGTON – The Biden administration handed a setback to makers of bio and renewable diesel with federal quotas for the fat-based fuel that advocates say ignore a surge in production and a wave of investment in new manufacturing plants.
The quotas, governing how much renewable fuels must be blended into US gasoline and diesel supplies, were detailed by people familiar with the matter who asked not to be named before a formal announcement. The closely watched quotas have long been a source of tension for Republican and Democratic presidents as they seek to balance oft-competing oil refining and agricultural interests. President Joe Biden campaigned on promises to promote corn-based ethanol, but his administration has put muscle into a push for electric vehicles that could limit the market for all liquid fuels, whether made from plants or petroleum.
Darling Ingredients, which through its Diamond Green Diesel partnership with Valero Energy Corporation is the top US producer of renewable diesel, tumbled as much as 8.1 per cent, the stock’s biggest intra-day decline in more than three months. Valero fell as much as 3.4 per cent while ethanol maker Green Plains pulled back 3.2 per cent. Agriculture behemoths Archer-Daniels-Midland Company and Bunge Ltd also retreated.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Malaysia Edition: State assemblies set to begin dissolving | Global wins a boost for film industryRead more at straitstimes.com.
Read more »
Ukraine spy chief accuses Russia of 'mining' cooling pond at Zaporizhzhia nuclear plantThe pond is used to keep the reactors cool at Europe's largest nuclear power plant. Read more at straitstimes.com.
Read more »
Pfizer-BioNTech vaccine works best in kids who get inoculated before Covid-19 infection: StudyThe study published in May was based on nearly 150,000 children and youth aged five to 17. Read more at straitstimes.com.
Read more »
Hong Kong court charges four with criminal damage after BYD offices vandalisedThe men arrested were all of Chinese nationality and aged between 29 and 48. Read more at straitstimes.com.
Read more »
Thais justify talks with Myanmar as key Asean members stay awayMr Prayut said talks were necessary to protect his country, which shares a long border with Myanmar. Read more at straitstimes.com.
Read more »
Singapore civil servants to get 0.3-month mid-year bonusThis is slightly lower than the 0.35-month mid-year bonus in 2022. Read more at straitstimes.com.
Read more »