- Valero Energy (VLO) has been known to oppose biofuels mandates, but a Reuters report details the refiner's "secret campaign" through proxies that attempted to "create a perception of broader support for a change that would primarily benefit Valero and a small number of other refiners."
- At the same time, VLO worked with Carl Icahn on the campaign - including helping to write Icahn's August 2016 letter to the EPA to argue that biofuels rules resulted in a rigged market - because of his array of business interests and eventually his unique access to longtime friend Pres. Trump.
- Icahn's efforts appear to have failed, as detailed an a separate article in the latest issue of The New Yorker, and he stepped down from his role as a special advisor to Pres. Trump on Friday following criticism that he would enrich his refining business through his advice.
- VLO’s costs for buying biofuels credits have skyrocketed since 2009, reaching nearly $750M last year, and CEO Joseph Gorder said last month that VLO is on pace to spend $850M this year on the credits.
- Now read: Ballparking Valero's Future RIN Costs
Original article