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Governors' Biofuels Coalition
NEWS UPDATE June 17, 2020

Top Story

Iowa’s Joni Ernst is on the front lines of the latest biofuels fight

By Abby Smith, Washington Examiner  •    •  Posted June 16, 2020

Sen. Joni Ernst is gearing up for another round in the battle over the federal biofuels mandate, even if that fight puts her toe-to-toe with fellow members of the GOP and the Trump administration. The Iowa Republican has been one of Congress’s staunchest supporters of the biofuels industry, always in the Trump administration’s ear to make sure the White House sticks to promises that President Trump made to Iowa farmers on the 2016 campaign trail. [ read more … ]

Retroactive SPEs

U.S. EPA Yet to Decide on Retroactive Refinery Waiver Requests: Senator

By Stephanie Kelly, Reuters  •    •  Posted June 17, 2020

The U.S. Environmental Protection Agency has not yet taken action on petitions by refiners seeking retroactive biofuel blending waivers, Senator Chuck Grassley from Iowa said on Tuesday. The Iowa senator called on the EPA to reject such petitions in a weekly call with reporters. [ read more … ]

Ethanol Industry Getting Impatient with the Trump Administration

By Todd Ingstad, Inside Agriculture  •    •  Posted June 16, 2020

Just a year ago, President Donald Trump paid a visit to an ethanol plant in Council Bluffs, Iowa. The Hagstrom Report says the ethanol industry is now appealing to him directly to look into the Environmental Protection Agency’s implementation of the Renewable Fuels Standard. Ethanol industry leaders held a telephone news conference last week and sent a letter directly to the president [ read more … ]

Markets

Oil Demand Is Headed for Record Rebound in 2021

By David Hodari, Wall Street Journal  •    •  Posted June 16, 2020

The coronavirus pandemic will hammer global growth and oil demand this year, but supply cuts from producers and a record rebound in demand next year will help to rebalance the oil market, the International Energy Agency said. In its monthly oil-market report Tuesday, the IEA said that while the world’s demand for crude will drop by 8.1 million barrels a day this year—slightly less than forecast in last month’s report—demand in 2021 will rebound by a record 5.7 million barrels a day. [ read more … ]

BP Writes Off Billions as Covid Redraws Rules of Oil Demand

By Laura Hurst, Bloomberg  •    •  Posted June 16, 2020

BP Plc will make the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and accelerates the shift to cleaner energy. In a dramatic revision that prompted questions about the affordability of its dividend, the British giant cut its estimates for oil and gas prices in the coming decades between 20% and 30%. It also expects the cost of carbon emissions to be more than twice as high as before. [ read more … ]

EVS

Electric vehicles to set new market share record in 2020

By Everett Wheeler, S&P Global  •    •  Posted June 16, 2020

The International Energy Agency said it expects electric vehicle sales to set a new market share record in 2020. For the first four months of 2020, the IEA estimates that the passenger car market will have contracted by 15% year over year, while sales of electric passenger and commercial light-duty vehicles will remain close to 2019 levels. The IEA estimates electric vehicle sales will account for 3% of global car sales in 2020, surpassing the 2019 record of 2.6%. [ read more … ]

Out of the Park

One of the World’s Greenest CEOs Resigns After 220% Stock Gain

By Will Mathis, Bloomberg  •    •  Posted June 16, 2020

The chief executive officer of Orsted A/S will step down by the end January, after transforming the former fossil-fuel company into the world’s biggest developer of offshore wind farms.
Henrik Poulsen, who became Orsted’s chief in 2012, oversaw a name change, strategy overhaul and an initial public offering that’s seen shares in the company surge by 220% since 2016. That’s just short of Amazon.com Inc. and Apple Inc.’s growth over the same period. [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.