Sen. Cruz heads to bankrupt PA refinery for rally against biofuels policy [Reuters (UK)]
The Carlyle Group Inc. (CG)
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Source: Reuters
Senator Cruz heads to bankrupt PA refinery for rally against biofuels policy | Reuters 3 Min Read Philadelphia (Reuters) - Republican Senator Ted Cruz of Texas will speak at a rally against the U.S. Renewable Fuel Standard (RFS) on Wednesday hosted by bankrupt refiner Philadelphia Energy Solutions Inc - a company that blames the controversial biofuels policy for its financial demise. The rally comes as the oil industry and the corn lobby clash over the causes of the Philadelphia-area refiner’s insolvency, which has become a touchstone in the debate over whether the RFS needs to be rewritten or replaced. The decade-old regulation requires U.S. refiners to blend biofuels like corn-based ethanol into their fuel, or buy credits from those who do. While it has created a lucrative market for corn states like Iowa and Nebraska, refiners like PES that have no blending facilities say it is unfair and costly. Philadelphia Energy Solutions (PES), which employs more than a thousand people in the
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