Another Iowa business shutters as refinery waivers continue

Source: By Robin Opsahl, Des Moines Register • Posted: Thursday, September 26, 2019

Another Iowa biodiesel plant announced Tuesday it’s shutting down as Gov. Kim Reynolds warned that federal waivers exempting oil companies from using renewable fuels are hurting the state’s rural economy. Reynolds met with President Donald Trump, along with U.S. Sens. Chuck Grassley and Joni Ernst of Iowa and other Midwest Republican leaders nearly two weeks ago to discuss harm biofuels producers and farmers are experiencing.

“We continue to see farmers that are impacted,” Reynolds said at a weekly meeting with reporters. “We continue to see ethanol plants that are being idled. They’re burning through their cash reserves.”

  • Lacking federal farming bailouts, Iowa’s economic growth was among the slowest in the country in the second quarter this year. Personal Income data for April, May and June show growth at a rate of 2.3% in Iowa, the third-slowest in the country according to information released Tuesday morning by the Bureau of Economic Analysis.
    In the middle of a trade war with Canada, China and Mexico, Iowa’s agriculture sector was the main reason for the slow growth. Earnings among the state’s farmers dropped $837 million compared to the first three months of 2019.