A Reuters article says there was no agreement in a meeting between lawmakers and Cabinet members regarding the Renewable Fuels Standard.
President Donald Trump had called for a meeting between the two sides who have been feuding over the current state of the renewable fuels law. The decade-old policy was intended to help farmers and reduce the nation’s petroleum imports. However, a refining company in the key electoral state of Pennsylvania blamed the RFS as the cause for it having to recently file for bankruptcy.
Iowa Republican Charles Grassley took to Twitter after the meeting, saying “No deal made.” Other lawmakers at the meeting included Joni Ernst of Iowa, as well as Ted Cruz of Texas and Pat Toomey of Pennsylvania. Other than the Grassley tweet, there were no other comments immediately after the meeting. Philadelphia Energy Solutions employs more than 1,000 people and says the law forced it into bankruptcy protection.
However, Reuters has reported that a $590 million withdrawal in dividend-style payments from the company to its investors likely played a big role in the filing. Other refineries, including RFS opponent Valero, are pulling in solid profit margins in spite of the regulation.