The U.S. Renewable Fuel Standard Background, Controversies, & Reform, or, This Crisis, or the Next?
|
|
- Muriel Campbell
- 5 years ago
- Views:
Transcription
1 The U.S. Renewable Fuel Standard Background, Controversies, & Reform, or, This Crisis, or the Next? Argus Global Gasoline Conference May 8-9, 2018 London, UK Max Pyziur Energy Policy Research Foundation, Inc. Washington, DC
2 About EPRINC Founded in 1944 Not-for-profit organization Studies the intersection of energy, economics, public policy & regulations, and trade Provides independent and technical analyses for distribution to the public Funded largely by the private sector, foundations and U.S. government Supports USG projects, e.g. Quadrennial Energy Review, DoD strategic outlook 2
3 Recent EPRINC Downstream Reports, Presentations, and Testimony Available at The Biofuel Mandate: Technical Constraints And Cost Risks Testimony on the RFS on February 24, 2016 by Lucian Pugliaresi (EPRINC s President) before the U.S. Senate Committee on Environment & Public Works CAFE, Gasoline Prices and the Law of Diminishing Returns: A New Agenda for the Midterm Evaluation Presentation at the Energy Information Administration (EIA) 2017 Annual Conference on Octane and the CAFE Standards Understanding California s High Transportation Fuel Prices 3
4 RFS Presentation Outline Crises Valero Energy s (VLO) & Philadelphia Energy Solutions (PES) RFS Background, Mechanics, Product Market Context RFS Controversies & Crises RFS Proposed Legislative Reforms 4
5 Recent Events - 1 VLO s Increasing RFS Costs Valero RFS Compliance Costs RIN Cost ($Millions) Direct Operating & SGA Expenses RIN Cost as Percentage of Op & SGA) $250.0 $517.0 $372.0 $440.0 $749.0 $942.0 $3,513.0 $3,710.0 $3,900.0 $4,243.0 $4,207.0 $4, % 13.9% 9.5% 10.4% 17.8% 21.1% Analysis based on Company SEC Filings EPRINC 5
6 Recent Events - 2 PES Bankruptcy On January 21, 2018 PES, the largest U.S. East Coast Refiner (330 TBD), declared Chapter 11 Bankruptcy. It cited RFS Compliance Costs (aka RINs) as being key to their need for financial restructuring. 6
7 RFS Legislation / History, Rationale, Waiver Authorities - 1 RFS in its original form Introduced through the 2005 U.S. Energy Act (EPAct2005) Expanded by the U.S Energy Independence & Security Act (EISA) Sought to Explicitly promote energy security through mandated increases in minimum biofuel consumption Explicitly promote development of 2nd Generation Advanced & Cellulosic Biofuels Explicitly promote fuels with lower Greenhouse Gas (GHG) emissions Implicitly support corn and soybean farmers (continuing) 7
8 RFS Legislation / History, Rationale, Waiver Authorities - 2 RFS in its original form (continuing) Administered by EPA (the Environmental Protection Agency) because of the GHG criteria Enforced through a compliance mechanism known as RINs (Renewable Identification Numbers) requiring Obligated Parties to acquire them and submit them to the U.S. EPA Assumed that U.S. Gasoline Consumption would continue to increase indefinitely Two waiver authorities one general, one for cellulosic & advanced biofuels in case things do not develop as planned 8
9 RFS Basic Mechanics (Legislated ThreeDimensional Chess) Original Biofuel Statutory Requirements/Targets Revised/Adjusted Biofuel Requirements Renewable Volumes Obligation (RVO) Percentage Determination Nested Obligations Obligated Parties & the EMTS - RIN Compliance Mechanism 9
10 RFS Basic Mechanics Original Biofuel Statutory Requirements - 1 RFS In Billion Gallons per year (Original Mandates) Total RFS of which: Conventional Renewable Biofuel (Corn Ethanol) Advanced Biofuel Year of which: Cellulosic Biofuel Biomassbased Diesel Undifferentiated Advanced Biofuel Analysis based on EPA Data EPRINC 10
11 RFS Basic Mechanics Revised Biofuel Requirements - 2 RFS In Billion Gallons per year (Last Revision) November 2017 Total RFS of which: Conventional Renewable Biofuel (Corn Ethanol) Advanced Biofuel Year of which: Cellulosic Biofuel Biomassbased Diesel Undifferentiated Advanced Biofuel Analysis based on EPA Data EPRINC 11
12 RFS Basic Mechanics Renewable Volumes Obligation (RVO) Percentage Determination - 3 Renewable Volumes Obligation (RVO) Percentage Determination Mandated Rev. Proposal Rev. Proposal Rev. Proposal Rev. Proposal Cellulosic biofuel 0.01% 0.01% 0.02% 0.07% Biomass-based diesel 0.91% 1.12% 1.41% 1.49% Advanced biofuel 1.21% 1.60% 1.51% 1.62% Renewable fuel 9.23% 9.63% 9.19% 9.52% 0.13% 1.59% 2.01% 10.10% Analysis based on EPA Data EPRINC 12
13 RFS Basic Mechanics Nested Obligations
14 RFS Basic Mechanics Obligated Parties & the EMTS / RIN Compliance Mechanism 5a 14
15 RFS Basic Mechanics Obligated Parties & the EMTS / RIN Compliance Mechanism 5b 15
16 RFS Technical Constraints Energy Density Distribution Problems Compatible vehicles Blend Wall 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 Because of the Blend Wall, Rising RVOs, RIN Prices Rise... Or Putting It All Together RIN Compliance Costs For A Hypothetical 100 MB/d / BG/y NonExporting Refinery 2012 Mandated Rev. Proposal Rev. Proposal Rev. Proposal Rev. Proposal Cellulosic biofuel 0.01% 0.01% 0.02% 0.07% Biomass-based diesel 0.91% 1.12% 1.41% 1.49% Advanced biofuel 1.21% 1.60% 1.51% 1.62% Renewable fuel 9.23% 9.63% 9.19% 9.52% 0.13% 1.59% 2.01% 10.10% D3 Requirement 91, , ,270 1,057,770 1,962,240 D4 Requirement 13,950,300 17,169,600 21,615,300 22,841,700 24,374,700 D5 Requirement 18,549,300 24,528,000 23,148,300 24,834,600 30,813,300 D6 Requirement 141,495, ,627, ,882, ,941, ,833,000 D3 Price $0.78 $0.42 $0.64 $1.36 $1.69 D4 Price $1.43 $0.73 $0.56 $0.76 $0.92 D5 Price $0.72 $0.64 $0.53 $0.72 $0.90 D6 Price $0.02 $0.64 $0.48 $0.56 $0.82 D3 Cost $71,744 $51,509 $186,413 $1,438,567 $3,316,186 D4 Cost $19,948,929 $12,533,808 $12,104,568 $17,359,692 $22,424,724 D5 Cost $13,262,750 $15,697,920 $12,268,599 $17,880,912 $27,731,970 D6 Cost $3,395,902 $94,481,856 $67,623,696 $81,727,296 $126,963,060 $36,679,325 $122,765,093 $92,183,276 $118,406,467 $180,435,940 $0.02 $0.08 $0.06 $0.08 $0.12 Per Barrel Cost $0 Analysis based on EPA, OPIS, Reuters Data $3.49 $2.42 $3.59 Total RIN Cost Per Gallon Cost $3.89 EPRINC 25
26 Three Perspectives on Costs Within the RFS 1 Value of U.S. Corn Crop In Excess of E10 Blending Requirements 2017 U.S. Corn Crop Details Billion Bushels of Corn Harvested: 15.1 Harvested Corn Acreage Yield per Acre: Allocated for Corn Ethanol Acreage Requirement: 31.1 Percentage of Total: 35.9% According to EIA Data Finished Gasoline Consumption (Billion Gallons): Implying Ethanol Consumption Based on E10 Blends (Billion Gallons): Corn Ethanol RVO in Billion Gallons Difference RVO-E10 in Million Gallons (+/-): Difference RVO-E10 in Million Bushels: Difference RVO-E10 in Million acres of U.S. Corn Production: USDA Estimate of Average Corn Price Per Bushel: Total Implied Revenue of Corn Feedstock for Ethanol Production in Million Dollars in excess of E10: Analysis Based on USDA Data $3.40 $970.8 EPRINC 26
27 Three Perspectives on Costs Within the RFS % 2012 $480.1 $219.5 Direct Operating & SGA Expenses Less Cost of Sales, Dep & Amort, Interest & Taxes $455.9 $451.8 $455.7 $355.4 $301.6 $432.7 $352.1 $ % 31.6% 38.2% 34.9% $58 $705.5 $538.0 $569.3 $703.0 $624.8 $754.0 $683.7 $742.0 $650.9 $774.0 $ , , , % 13.5% 21.1% 18.5% $1,123.1 $1,218.8 $1,259.5 $1,181.2 $1,144.5 $1, , % 13.6% 5.1% 13.9% 6.2% 11.3% 8.8% 16.0% 10.8% 22.6% 16.5% 16.1% $1,773.0 $1,945.0 $2,270.0 $2,419.0 $2,679.0 $2,767.0 $859.2 $908.4 $1,023.3 $1,071.4 $1,540.2 $1, ,700, ,000 $ % 23.5% 22.4% 18.5% $126.0 $ % 4.5% 4.3% 9.3% $1,702.0 $2,248.0 $2,762.0 $2,620.0 $2,942.0 $3, ,000 $440.0 $35.5 $749.0 $ % 13.9% 0.6% 4.3% 9.5% 2.5% 10.4% 3.1% 17.8% 21.1% $3,513.0 $3,710.0 $3,900.0 $4,243.0 $4,207.0 $4,467.0 $644.7 $71 $1,125.1 $1, ,769, ,000 $1,456.8 $1,604.9 $2,724.1 $3, % 13.4% 9.6% 10.3% 18.6% 19.4% $12,063.5 $13,100.9 $15,135.5 $15,578.1 $14,628.3 $16, ,780,000 $3,370.5 $3,713.1 $6,302.5 $7,598.4 RIN Cost ($Millions) Refiners Alon / Delek Calumet Cenovus Energy / WRB CVR Energy Delta Airlines/Monroe RIN Cost as Percentage of Op & SGA) 2012 $0.0 $ $14.9 $ $27.1 $ $35.1 $ $40.4 $ $32.0 $2 $153.0 $180.5 $123.0 $127.2 $200.0 $123.9 $294.0 $205.9 $296.0 $249.0 $75.0 $11 $64.0 $ $100.0 $137.5 $146.8 $160.0 $242.0 $105.0 $43.7 $264.0 $126.4 $14 $115.7 $212.0 $171.6 $13.0 $116.3 $130.4 $116.0 Valero Western Refining $250.0 $4.0 Total Reported HollyFrontier Marathon Petroleum PBF Energy Philadelphia Energy Tesoro, now Andeavor Total Implied % 9.8% % 2.2% 5.5% 28.4% 3.0% 31.7% 17.5% 20.4% 26.5% 18.1% $ % 11.3% $288.0 $347.5 $457.0 $293.7 $124.0 $23 $125.0 $517.0 $30.5 $372.0 $28.2 $572.5 $1,760.7 $1,324.6 $4, % 1.7% % 11.4% 1% 11.2% $462.3 $494.8 $583.3 Nameplate 2017 Bbl/CalDay $ , ,000 $ ,000 Total Implied RIN Expense based on 18 million U.S. refining capacity Notes Alon / Delek Calumet Western Small Refiner's Exemption in 2017 Received several Small Refiner's Exemptions in 2017 Merged into Tesoro Analysis based on Company SEC Filings EPRINC 27
28 Three Perspectives on Costs Within the RFS - 3 Renewable Fuel Standard Implied Economic Cost D3 - Cellulosic Ethanol RIN Price* RIN Retirements ('000s) , , ,984 D4 - Biomass Diesel D5 - Advanced Biofuel D6 - Conventional Ethanol ,237,335 14,056,166 14,634,360 13,352,381 D7 - Cellulosic Diesel ,636,806 2,599,603 2,745,670 3,142, , , ,356 93, Total Annual Implied Economic Cost ('000s) $174 $21,110 $189,486 $266, % 0.3% 1.8% 1.9% $1,924,868 $1,455, % 17.5% $352, % $75, % $8,471,894 $6,746, % 81.3% $ % $2,086, % $2,891, % $104,657 % $84, % $8,195,242 $10,948, % 77.1% $29 0.0% $ % $ % * Average Annual Unweighted RIN Price Total of which: Cellulosic Advanced Combined $10,749,815 $8,299,410 $10,576,352 $14,191,942 $335 $352,717 $353,053 $21,139 $75,534 $96,673 $189,745 $104,657 $294,402 Analysis based on PFL, EcoEngineers, and EPA Data $267,806 $84,118 $351,924 EPRINC 28
29 RFS Reform First Attempt: Moving the POO (Point of Obligation) (chortling is allowed here) Crises: PES & VLO Current Proposed Legislation Senator Cornyn (Texas) Congressmans Shimkus (Illinois) & Flores (Texas) Senator Udall (New Mexico) & Congressman Welch (Vermont) Others EPA Administrator Scott Pruitt's Maneuvers & Waivers 29
30 30
31 THE END
FARMLAND MARKETS: PROFITABILITY AND FUTURE PERSPECTIVES
FARMLAND MARKETS: PROFITABILITY AND FUTURE PERSPECTIVES Title: The RFS and Grain and Oilseed Markets: All Eyes on the EPA Presenter: Scott Irwin Affiliation: University of Illinois Wednesday, November
More informationUnderstanding the RFS and RINs. Geoff Cooper Renewable Fuels Association August 29, 2018
Understanding the RFS and RINs Geoff Cooper Renewable Fuels Association August 29, 2018 Million Gallons To understand RINs, you must first understand the RFS 36,000 Renewable Fuel Standard (RFS2) Statutory
More informationFuture of Biofuel Use in the United States: An Examination of the Renewable Fuel Standard
Future of Biofuel Use in the United States: An Examination of the Renewable Fuel Standard Emily Beagle WISE Intern - American Society of Mechanical Engineers University of Wyoming Summer 2013 Introduction
More informationRFS2: Where Are We Now And Where Are We Heading? Paul N. Argyropoulos
Agricultural Outlook Forum Presented: February 24-25, 2011 U.S. Department of Agriculture RFS2: Where Are We Now And Where Are We Heading? Paul N. Argyropoulos Office of Transportation and Air Quality
More informationOperating Refineries in a High Cost Environment. Options for RFS Compliance. March 20, Baker & O Brien, Inc. All rights reserved.
Operating Refineries in a High Cost Environment Options for RFS Compliance March 2, 217 Baker & O Brien, Inc. All rights reserved. Discussion Points Introduction Renewable Fuels Standard (RFS) Overview
More informationUpdate: Estimated GHG Increase from Obama Administration Inaction on the 2014 RFS
Update: Estimated GHG Increase from Obama Administration Inaction on the 2014 The blend wall should not be a consideration for setting the, because the United States is using more transportation fuel in
More informationAdvanced Bio-fuels Production in North
Advanced Bio-fuels Production in North America: When & How Much? Michael Warren Executive Director, Global Research & Strategic Services Hart Energy Consulting Presented at: IV Latin American & Caribbean
More informationWhat you might have missed Bioenergy Situation & Outlook
What you might have missed Bioenergy Situation & Outlook Ag Lenders Conference David Ripplinger Fall 2018 Record US Corn Ethanol Production Record US Corn Ethanol Exports Expanding US Corn Ethanol Capacity
More informationThe Energy Independence and Security Act (EISA): Proposed Changes to the Renewable Fuel Standard Program (RFS2)
The Energy Independence and Security Act (EISA): Proposed Changes to the Renewable Fuel Standard Program (RFS2) Presentation to the NAS Biofuels Workshop Madison, WI. June 23-24, 2009 1 Agenda Background
More informationU.S. Natural Gas Outlook The 3rd London Gas & LNG Forum September 26 and 27, 2016 The Rag Army & Navy Club London
U.S. Natural Gas Outlook The 3rd London Gas & LNG Forum September 26 and 27, 216 The Rag Army & Navy Club London Lucian Pugliaresi Energy Policy Research Foundation, Inc. Washington, DC 1 About EPRINC!
More informationThe Outlook for Conventional Biofuels is Brighter Than You Think
The Outlook for Conventional Biofuels is Brighter Than You Think Scott Irwin University of Illinois sirwin@illinois.edu www.farmdoc.illinois.edu http://www.latimes.com/opinion/editorials/la-ed-1206-epa-renewable-fuel-20151205-story.html
More informationGROWING YOUR BUSINESS WITH BIODIESEL. Copyright 2016 Renewable Energy Group, Inc.
GROWING YOUR BUSINESS WITH BIODIESEL BIODIESEL DEMAND DRIVERS 2 WHAT S DRIVING BIODIESEL DEMAND? RVO Federal and state tax incentives Sustainability 3 WHAT S DRIVING BIODIESEL DEMAND? RVO Revised RVO offers
More informationINDIRECT LAND USE CHANGE, LOW CARBON FUEL STANDARDS, & CAP AND TRADE: The Role of Biofuels in Greenhouse Gas Regulation
INDIRECT LAND USE CHANGE, LOW CARBON FUEL STANDARDS, & CAP AND TRADE: The Role of Biofuels in Greenhouse Gas Regulation Matthew Carr Policy Director, Industrial & Environmental Section Biotechnology Industry
More informationEPA MANDATE WAIVERS CREATE NEW UNCERTAINTIES IN BIODIESEL MARKETS
2nd Quarter 2011 26(2) EPA MANDATE WAIVERS CREATE NEW UNCERTAINTIES IN BIODIESEL MARKETS Wyatt Thompson and Seth Meyer JEL Classifications: Q11, Q16, Q42, Q48 Keywords: Biodiesel, Biofuel Mandate, Waivers
More informationThe Renewable Fuels Standard Deja Vu
The Renewable Fuels Standard Deja Vu + + = National Biodiesel Board Conference February 5, 2008 Paul Machiele,, Director Fuels Center EPA s s Office of Transportation and Air Quality 1 RFS1 Presentation
More informationCopyright 2018 Renewable Energy Group, Inc. AFOA Biomass Based Diesel Market Trends
AFOA Biomass Based Diesel Market Trends Agenda Production Trends Modest and steady growth in biodiesel Potential Growth in RD, timeline is uncertain Co-processing volume yet to materialize Market Trends
More informationBiofuels Incentives: A Summary of Federal Programs
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Congressional Research Service Reports Congressional Research Service 2010 Biofuels Incentives: A Summary of Federal Programs
More informationRNG Production for Vehicle Fuel. April 4, 2018
RNG Production for Vehicle Fuel April 4, 2018 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section
More informationJanuary 24, Re: Small Refiner Exemptions. Dear Administrator Pruitt:
January 24, 2018 The Honorable Scott Pruitt Administrator U.S. Environmental Protection Agency 1200 Pennsylvania Avenue, N.W., 1101A Washington, DC 20460 Re: Small Refiner Exemptions Dear Administrator
More informationThe Clean Energy Biofuels Act of 2008: Promoting Advanced Biofuels in Massachusetts
University of Massachusetts Amherst ScholarWorks@UMass Amherst Conference on Cellulosic Biofuels September 2008 The Clean Energy Biofuels Act of 2008: Promoting Advanced Biofuels in Massachusetts Dwayne
More informationEPA Documents: Pruitt Ditched Plans to Reallocate Small Refiner Exemptions at 11 th Hour
EPA Documents: Pruitt Ditched Plans to Reallocate Small Refiner Exemptions at 11 th Hour An examination of documents related to the White House Office of Management and Budget s (OMB) inter-agency review
More informationBiofuels Incentives: A Summary of Federal Programs
Biofuels Incentives: A Summary of Federal Programs Brent D. Yacobucci Section Research Manager January 11, 2012 CRS Report for Congress Prepared for Members and Committees of Congress Congressional Research
More informationNatural and Economic Resources Appropriations Subcommittee 20 February W. Steven Burke President and CEO Biofuels Center of North Carolina
Natural and Economic Resources Appropriations Subcommittee 20 February 2013 W. Steven Burke President and CEO Biofuels Center of North Carolina Three definitions: Biofuels Liquid transportation fuels.
More informationRegulatory and Compliance Update
1 Regulatory and Compliance Update 2 Market Snapshot Million Barrels per day U.S. Gasoline Demand (EIA) 9.6 9.4 9.2 9 8.8 8.6 8.4 8.2 2012 2013 2014 2015 2016 2017 2018 Year Fuel Ethanol Production vs
More informationHow to Double Your Dollars for Biogas. MWEA Annual Conference June 19, 2017 David Wrightsman, P.E. Energy Systems Group
How to Double Your Dollars for Biogas MWEA Annual Conference June 19, 2017 David Wrightsman, P.E. Energy Systems Group Agenda Renewable Natural Gas Renewable Fuel Standard Define Renewable Identification
More informationRenewable Fuels: Overview of market developments in the US and a focus on California
Renewable Fuels: Overview of market developments in the US and a focus on California Cynthia Obadia Cynthia Obadia Consulting Renewable fuel s growth driven by incentives from RFS and LCFS RFS - Federal
More informationUpdated Assessment of the Drought's Impacts on Crop Prices and Biofuel Production
CARD Policy Briefs CARD Reports and Working Papers 8-2012 Updated Assessment of the Drought's Impacts on Crop Prices and Biofuel Production Bruce A. Babcock Iowa State University, babcock@iastate.edu Follow
More informationDepartment of Energy Analyses in Support of the EPA Evaluation of Waivers of the Renewable Fuel Standard November 2012
Department of Energy Analyses in Support of the EPA Evaluation of Waivers of the Renewable Fuel Standard November 2012 Ethanol Demand Curve for 2012 and 2013 In support of EPA analyses of the 2012 RFS
More informationLegislative and Regulatory Developments Likely to Affect the U.S. Refining Sector in the Next Decade
Legislative and Regulatory Developments Likely to Affect the U.S. Refining Sector in the Next Decade Round Table Discussion on U.S. Refining OPIS 11 th National Supply Summit October 18, 2009 Dave Hirshfeld
More informationReducing GHG Emissions Through National Renewable Fuel Standards
Reducing GHG Emissions Through National Renewable Fuel Standards Transportation Research Board 2010 Environment and Energy Conference Robert Larson, USEPA First Renewable Fuel Standards Established by
More informationEPA s Own Data Show Small Refiner Exemptions Cut 2016 and 2017 RFS Obligations by at Least 1.6 Billion Gallons
April 24, 2018 (Revised July 13, 2018 to reflect EPA EMTS data revisions changes noted in red) EPA s Own Data Show Small Refiner Exemptions Cut 2016 and 2017 RFS Obligations by at Least 1.6 Billion Gallons
More informationBiomass-based Diesel Policy Options: Larger RFS Requirements and Tax Credit Extension
February 2014 Biomass-based Diesel Policy Options: Larger RFS Requirements and Tax Credit Extension FAPRI-MU Report #01-14 Providing objective analysis for more than 25 years www.fapri.missouri.edu Published
More informationIowa Biodiesel Board Sept. 9, 2011 Gary Haer, VP, Sales and Marketing, REG Chairman, National Biodiesel Board. Copyright Renewable Energy Group
Iowa Biodiesel Board Sept. 9, 2011 Gary Haer, VP, Sales and Marketing, REG Chairman, National Biodiesel Board. 1 Agenda Biodiesel, America s Advanced Biofuel New Biorefining Manufacturing Sector Creating
More informationA CRITICAL U.S. BIOFUELS MARKET JUNCTURE: HOW WILL IT IMPACT YOU?
A CRITICAL U.S. BIOFUELS MARKET JUNCTURE: HOW WILL IT IMPACT YOU? A Multi-Client Study October 2013 Benefit from insights by a team with over 20 years experience analyzing the ethanol market and over a
More informationEthanol s Lost Promise
Ethanol s Lost Promise An Assessment of the Economic Consequences of the Renewable Fuels Mandate September 14, 2012 Copyright 2012 Energy Policy Research Foundation, Inc. 1031 31st Street, NW Washington,
More informationWaiver Authority Under the Renewable Fuel Standard (RFS)
Waiver Authority Under the Renewable Fuel Standard (RFS) Brent D. Yacobucci Section Research Manager September 25, 2012 CRS Report for Congress Prepared for Members and Committees of Congress Congressional
More informationAlgae is a superior renewable feedstock
Tim Zenk VP of Corporate Affairs, Sapphire Energy Inc. October 11, 2012 Cost of production ($ per barrel) Algae is a superior renewable feedstock Superior attributes of algae Scalable to millions of barrels
More informationPreliminary Assessment of the Drought s Impacts on Crop Prices and Biofuel Production
CARD Policy Brief 12-PB 7 July 2012 Preliminary Assessment of the Drought s Impacts on Crop Prices and Biofuel Production by Bruce Babcock Partial support for this work is based upon work supported by
More informationRefining Trends and Outlook
Refining Trends and Outlook Presented by: Greg Kort, P.E., ASA 2018 TXOGA PROPERTY TAX REPRESENTATIVES ANNUAL CONFERENCE March 7, 2018 www.ryan.com Agenda Hurricane Harvey Tax Cuts and Jobs Act of 2017
More informationBiofuels: Implications for Prices and Production. Darrel L. Good and Scott H. Irwin
Biofuels: Implications for Prices and Production Darrel L. Good and Scott H. Irwin Why Ethanol? Convert relatively abundant domestic sources of energy into a substitute for imported petroleum Energy Conversion
More informationThank you, Chairman Shimkus and Ranking Member Tonko. I appreciate the opportunity to
Thank you, Chairman Shimkus and Ranking Member Tonko. I appreciate the opportunity to testify today on behalf of the National Corn Growers Association (NCGA). NCGA represents nearly 40,000 dues-paying
More informationOverhauling Renewable Energy Markets
Overhauling Renewable Energy Markets Bruce Babcock Iowa State University Presented at Recognizing Risk in Global Agriculture, Ag Symposium, Federal Reserve Bank of Kansas City. July 19, 2011. Kansas City,
More informationThe State of the U.S. Biofuels Industry and Where It s Headed. Scott H. Irwin
The State of the U.S. Biofuels Industry and Where It s Headed by Scott H. Irwin Summary of Outlook 1. Conventional ethanol volume through 2022 will be 15 billion gallons due to recent U.S. Appeals Court
More informationBiofuels Incentives: A Summary of Federal Programs
Order Code RL33572 Biofuels Incentives: A Summary of Federal Programs Updated March 18, 2008 Brent D. Yacobucci Specialist in Energy and Environmental Policy Resources, Science, and Industry Division Biofuels
More informationUSDA Projections of Bioenergy-Related Corn and Soyoil Use for
USDA Projections of Bioenergy-Related Corn and Soyoil Use for 2010-2019 Daniel M. O Brien, Extension Agricultural Economist K-State Research and Extension The United States Department of Agriculture released
More informationNational Renderers Association
National Renderers Association October 23, 2014 Anne Steckel Vice President, Federal Affairs National Biodiesel Board About NBB National trade association representing over 250 diverse organizations, including
More informationDepartment of Legislative Services
Department of Legislative Services Maryland General Assembly 2005 Session SB 740 Senate Bill 740 Budget and Taxation FISCAL AND POLICY NOTE Revised (Senator Middleton, et al.) Environmental Matters Renewable
More informationSusan G. Lafferty. P: E:
ATTORNEY BIOGRAPHY Susan G. Lafferty Partner Washington P: +1.202.383.0168 E: susanlafferty@eversheds-sutherland.com Education J.D., George Mason University School of Law B.A., University of Virginia Bar
More informationEthanol Industry Perspective on The Renewable Fuel Standard
Ethanol Industry Perspective on The Renewable Fuel Standard NCSL 2013 Legislative Summit Aug. 14, 2013 Geoff Cooper Renewable Fuels Association About the Renewable Fuels Association (RFA) Trade association
More informationU.S. Ethanol Ready For The World Market
U.S. Ethanol Ready For The World Market The United States has plenty of ethanol and is ready and willing to meet foreign market needs. As the U.S. Grains Council (USGC) works with its industry partners
More informationA Decade of Futility: The Renewable Fuel Standard,
A Decade of Futility: The Renewable Fuel Standard, 2007-2017 Sheila Karpf Jonathan Lewis Overview Ten years ago, on December 19, 2007, President George W. Bush signed the Energy Independence and Security
More informationThe Renewable Fuel Standard (RFS): An Overview
The Renewable Fuel Standard (RFS): An Overview Kelsi Bracmort Specialist in Natural Resources and Energy Policy January 24, 2018 Congressional Research Service 7-5700 www.crs.gov R43325 Summary The Renewable
More informationLegal Quick Hit: Top Five Issues when Complying with California s Low Carbon Fuel Standard
Susan Lafferty David McCullough January 15, 2014 Legal Quick Hit: Top Five Issues when Complying with California s Low Carbon Fuel Standard What Is the LCFS and How Does It Compare with the RFS? Do I Have
More informationEPA s Own Data Show Small Refiner Exemptions Cut 2016 and 2017 RFS Obligations by at Least 1.6 Billion Gallons
April 24, 2018 EPA s Own Data Show Small Refiner Exemptions Cut 2016 and 2017 RFS Obligations by at Least 1.6 Billion Gallons It has been widely reported in recent weeks that EPA has exempted as many as
More informationCorn Outlook. David Miller Director of Research & Commodity Services Iowa Farm Bureau Federation December 2013
Corn Outlook David Miller Director of Research & Commodity Services Iowa Farm Bureau Federation December 2013 Source: USDA-WAOB U.S. Corn Supply & Usage U.S. Corn Supply & Usage Comments With the largest
More informationApril 24, The Honorable Scott Pruitt Administrator U.S. Environmental Protection Agency 1200 Pennsylvania Avenue, NW Washington, DC 20460
April 24, 2017 The Honorable Scott Pruitt Administrator U.S. Environmental Protection Agency 1200 Pennsylvania Avenue, NW Washington, DC 20460 Dear Administrator Pruitt, As the Environmental Protection
More informationImpacts of Options for Modifying the Renewable Fuel Standard. Wallace E. Tyner Farzad Taheripour. Purdue University
Impacts of Options for Modifying the Renewable Fuel Standard Wallace E. Tyner Farzad Taheripour Purdue University The Renewable Fuel Standard (RFS) was created in 2005 and modified in 2007 with the objective
More informationThe State of Alaska s Refining Industry
The State of Alaska s Refining Industry Barry Pulliam Managing Director Econ One Research, Inc. Anchorage, Alaska December 2016 Econ One Research, Inc. 1 Econ One Research, Inc. In Alaska Three Decades
More informationEnergy Independence. tcbiomass 2013 The Path to Commercialization of Drop-in Cellulosic Transportation Fuels. Rural America Revitalization
Energy Independence The Path to Commercialization of Drop-in Cellulosic Transportation Fuels Rural America Revitalization Forward Looking Statements These slides and the accompanying oral presentation
More informationWilliam Piel
Fuel Options Exist for Expanding Gasoline Supplies without processing additional Crude Oil? E1? E2? E8? ETBE? Which use of in Fuel Provides the Highest Market Value? Which use of results in the Most Non-Petroleum
More informationBIOMASS POLICY FOR LIQUID FUELS UPDATE. Scott Fenwick Technical Director National Biodiesel Board July 21, 2016
BIOMASS POLICY FOR LIQUID FUELS UPDATE Scott Fenwick Technical Director National Biodiesel Board July 21, 2016 1 CAMPAIGN ISSUES 2 RENEWABLE FUEL STANDARD NATIONAL BIODIESEL BOARD 2016 3 FEDERAL POLICY
More informationUS Refining Industry: Forecasts, Capacity, Challenges
US Refining Industry: Forecasts, Capacity, Challenges Crude Oil Quality Group Cindy Schild, API February 26, 2009 Overview Prices, Earnings & Forecasts Domestic Refinery Industry Capacity Environmental
More informationBiofuels, Energy Security, and Future Policy Alternatives. Wally Tyner
Biofuels, Energy Security, and Future Policy Alternatives Wally Tyner Purdue University Ethanol Economics Ethanol has value as energy and as an additive to gasoline The energy content is about 68% of gasoline
More informationAchieving Energy Security and Greenhouse. Biomass Crop Assistance Program. Madhu Khanna
Achieving Energy Security and Greenhouse Gas Reduction Cost-Effectively: The Biomass Crop Assistance Program Madhu Khanna Professor, Agricultural and Environmental Economics University of Illinois, Urbana-Champaign
More informationRenewable Fuel Standard Program (RFS2) 2010 and Beyond
Renewable Fuel Standard Program (RFS2) 2010 and Beyond February 2010 Office of Transportation and Air Quality US Environmental Protection Agency 1 Overview Key Changes Required by EISA Key Highlights of
More informationUS Biodiesel Overview
HNEI HAWAII NATURAL ENERGY INSTITUTE University of Hawaii at Manoa US Biodiesel Overview Scott Q. Turn, Jinxia Fu, Hawaii Natural Energy Institute, University of Hawaii, Honolulu, HI 96822 The 2 nd APEC
More informationWaiver Authority Under the Renewable Fuel Standard (RFS)
Waiver Authority Under the Renewable Fuel Standard (RFS) Brent D. Yacobucci Section Research Manager January 21, 2014 Congressional Research Service 7-5700 www.crs.gov RS22870 Summary Transportation fuels
More informationJerry Morehart. Commercial Development Manager Supply, Distribution and Planning. February 18, 2008
Studium Conferences Biofuels Logistic Challenges and Solutions Jerry Morehart Commercial Development Manager Supply, Distribution and Planning February 18, 2008 This presentation contains forward-looking
More informationChallenges to Ethanol Blending in the Southeast
Challenges to Ethanol Blending in the Southeast EPRINC EIA Roundtable Washington, D.C. April 15, 2008 Daniel H. Moenter Manager, State Government Affairs Marathon Oil Corporation Upstream In business since
More informationBiofuels: crime against humanity!?
Biofuels: crime against humanity!? Trade and sustainability issues Sadeq Z. Bigdeli World Trade Institute, Berne Model WTO 2008, University of St. Gallen 1 Outline What are biofuels? Why biofuels? Tariff
More informationMonthly Biodiesel Production Report
Monthly Biodiesel Production Report With data for June 2017 August 2017 Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report was prepared by the U.S.
More informationLatest Biofuels Developments in the USA
Latest Biofuels Developments in the USA Joint ISCC Technical Committee Meeting North & South America Presented by: Steffen Mueller, PhD & Jacki Cassady June 24, 2015 info@genscape.com US: +1 502 583 3435
More informationThe economics of biofuels. by Ronald Steenblik Director of Research
The economics of biofuels by Ronald Steenblik Director of Research Current and expected future costs of ethanol 1.0 0.8 0.6 0.4 2005 2030 Ethanol from sugar cane Ethano from maize Ethanol from sugar beet
More informationPetition for RFS Waiver Under 42 U.S.C. 7545(o)(7)(A)(i)
November 13, 2018 The Honorable Andrew R. Wheeler Acting Administrator U.S. Environmental Protection Agency 1200 Pennsylvania Avenue, N.W. Washington, D.C. 20460 Re: Petition for RFS Waiver Under 42 U.S.C.
More informationU.S. Alternative Fuels Policies Lessons Learned and Future Directions
U.S. Alternative Fuels Policies Lessons Learned and Future Directions Roland J. Hwang Vehicles Policy Director Natural Resources Defense Council Senate Briefing on Alternative Fuels Sponsored by the American
More informationRenewable Fuel Standard Potential Economic and Environmental Effects of U.S. Biofuel Policy. Public Release October 4, 2011
Renewable Fuel Standard Potential Economic and Environmental Effects of U.S. Biofuel Policy Public Release October 4, 2011 Renewable Fuel Volume Consumption Mandated by RFS2 40 35 Cellulosic biofuels Advanced
More informationBiodiesel Industry A Statewide Assessment
University of Nebraska - Lincoln DigitalCommons@University of Nebraska - Lincoln Industrial Agricultural Products Center -- Publications & Information Industrial Agricultural Products Center 8-31-2006
More informationBiofuels Outlook - December 2017
December 19, 2017 Biofuels Outlook - December 2017 Biofuels Outlook - December 2017 Despite only a small change in renewable fuel volume requirements for 2018, RIN prices will rise in 2018. The absence
More informationEthanol Supply Chain and Industry Overview: More Harm Than Good?
Ethanol Supply Chain and Industry Overview: More Harm Than Good? Authors: Sarah L Bruce Advisor: Alexis Hickman Bateman, Edgar Blanco Sponsor: Yossi Sheffi MIT SCM ResearchFest May 23-24, 2012 Ethanol
More informationPETROLEUM REFINING. Industry's Outlook Depends on Market Changes and Key Environmental Regulations. Report to Congressional Requesters
United States Government Accountability Office Report to Congressional Requesters March 2014 PETROLEUM REFINING Industry's Outlook Depends on Market Changes and Key Environmental Regulations GAO-14-249
More informationCrude Oil Quality Association (COQA)
Crude Oil Quality Association (COQA) Dennis L. Sutton October 5, 2017 COQA s Mission Ensure quality and consistency of crude oil are maintained from production to refinery Expand definition of quality
More informationEnergy. on this world and elsewhere. Instructor: Gordon D. Cates Office: Physics 106a, Phone: (434)
Energy on this world and elsewhere Instructor: Gordon D. Cates Office: Physics 106a, Phone: (434) 924-4792 email: cates@virginia.edu Course web site available at www.phys.virginia.edu, click on classes
More informationBiodiesel: A High Performance Renewable Fuel
Biodiesel: A High Performance Renewable Fuel Scott DeWees Co-Coordinator Western WA Clean Cities A program of the Puget Sound Clean Air Agency wwcleancities.org October 29, 2015 www.wwcleancities.org Why
More informationState Policy Trends in Biomass
State Policy Trends in Biomass Biomass 2010 March 30, 2010 Glen Andersen National lconference of State Legislatures Overview of State Policies Renewable Fuel Standards Renewable Portfolio Standards Reducing/Eliminating
More informationCellulosic Ethanol and Enzymatic Biodiesel Biofuels Plant Upgrades
Renewable Energy Worldwide Cellulosic Ethanol and Enzymatic Biodiesel Biofuels Plant Upgrades Eric McAfee Chairman/CEO October 17, 2017 ABLC San Francisco Mission: Aemetis means One Prudent Wisdom One
More informationThe Cost of Banning No. 6 Oil in New York City
The Cost of Banning No. 6 Oil in New York City February 23, 2011 Introduction and Summary of Findings The City of New York is proposing to ban the use of No. 6 fuel oil (residual fuel oil) in heating boilers
More informationEPA and RFS2: Market Impacts of Biofuel Mandate Waiver Options
July 2012 EPA and RFS2: Market Impacts of Biofuel Mandate Waiver Options FAPRI MU Report #04 12 Providing objective analysis for over 25 years www.fapri.missouri.edu Published by the Food and Agricultural
More informationChallenges to Ethanol Blending in the Southeast
Challenges to Ethanol Blending in the Southeast Agricultural Outlook Forum 2008 Arlington Virginia February 22, 2008 Daniel H. Moenter Manager, State Government Affairs Marathon Oil Corporation Upstream
More informationAlternative Fuels and Advanced Technology Vehicles: Issues in Congress
Alternative Fuels and Advanced Technology Vehicles: Issues in Congress Brent D. Yacobucci Specialist in Energy and Environmental Policy September 22, 2010 Congressional Research Service CRS Report for
More informationCitigroup Biofuels Conference Ethanol on the Cob October 3, 2006
Citigroup Biofuels Conference Ethanol on the Cob October 3, 2006 Forward-Looking Statements Certain statements in this presentation, and other written or oral statements made by or on behalf of us, are
More informationRenewable Fuel Standard
Renewable Fuel Standard prepared for: AICHE Meeting January 27, 2015 Turner, Mason & Company International consulting practice since 1971 Downstream focus; refinery/chemical engineers Industry and financial
More informationViewing the Vehicle and Fuel as a System: The Economic Implications of High Octane Low Carbon Fuel
Dean Drake Defour Group EESI Briefing Rm. 106 Dirksen Senate Office Building Washington, DC November 13, 2017 Viewing the Vehicle and Fuel as a System: The Economic Implications of High Octane Low Carbon
More informationWisconsin Corn / Soy Expo. February, 2018
Wisconsin Corn / Soy Expo February, 2018 1 Represents the biodiesel industry as the coordinating body for research and development in the United States. Founded in 1992 by state soybean commodity groups.
More informationBiofuel Taxes, Subsidies, and Mandates: Impacts on US and Brazilian Markets
Iowa State University Digital Repository @ Iowa State University CARD Staff Reports CARD Reports and Working Papers 5-22-2013 Biofuel Taxes, Subsidies, and Mandates: Impacts on US and Brazilian Markets
More informationHow to Get to a Biofuels Future. Governors Ethanol Coalition Chicago, Illinois April 2008
How to Get to a Biofuels Future Governors Ethanol Coalition Chicago, Illinois April 2008 Coalition s Previous Policy Recommendations and Status Called for the Creation of a National Renewable Fuels Standard
More informationU.S. Biofuels Baseline and Impact of E-15 Expansion on Biofuel Markets
May 2012 U.S. Biofuels Baseline and Impact of E-15 Expansion on Biofuel Markets FAPRI-MU Report #02-12 Providing objective analysis for over 25 years www.fapri.missouri.edu Published by the Food and Agricultural
More informationA Global Solution for Sustainable Biofuels
A Global Solution for Sustainable Biofuels 1 Agrisoma Develops and Sells Carinata Seeds and More Expanding sales of Carinata seeds a non-food, sustainable crop for biofuels and high protein feed Commercial
More informationFinancial Statements Matti Lievonen, President & CEO 7 February 2017
Financial Statements 2016 Matti Lievonen, President & CEO Agenda 1 2 3 4 Year 2016 Financials 2016 Segment reviews Current topics 5 Appendix 2 Disclaimer The following information contains, or may be deemed
More informationAustralia s Experience in Alternative Transport Fuels. An Overview
Australia s Experience in Alternative Transport Fuels An Overview Main alternative transport fuels in use in Australia Automotive LPG (Autogas) 6% of transport need requirements by volume 5% by energy
More informationBiodiesel. Kimmo Rahkamo Executive Vice President
Biodiesel Kimmo Rahkamo Executive Vice President Biofuels agenda is driven by three elements Climate change Security of supply Biofuels set to gain considerable share in transportation fuels market Domestic
More information