It’s the oddest of odd couples, yet understandable. According to a Reuters exclusive, the U.S. oil industry is teaming up with the U.S. corn industry to defeat a common foe: newly inaugurated President Joe Biden.
President Joe Biden has made his intentions on electric vehicles clear: hi team with march on towards electric veichles, transitioning the entire federal fleet of ICE vehicles to U.S.-made EVs in a process that will surely take years.
But the oil industry isn’t eager to go quietly into that dark night, and is hoping U.S. corn growers—who have fought valiantly on the opposite side of the oil industry for tougher biofuel standards—are equally as reluctant to sit back and watch the shift to Evs happen, at their expense.
The oil industry, according to Reuters, is meeting “a cool reception”.
The U.S. oil industry and the corn industry have always found themselves on opposite sides of the biofuel argument. The oil industry has clamored for a smaller biofuel mandate while the corn lobby has fought hard to maximize the amount of biofuel that oil refiners must blend with traditional gasoline.
So much so have they found themselves at opposite ends of the spectrum—and so large the lobbies—that biofuel waivers and biofuel mandates have made their mark on nearly every presidential election.
According to Reuters, The American Fuel and Petrochemical Manufacturers oil refining trade group confirmed that it has indeed recently reached out to national representatives of the corn and biofuel industries.
The oil industry is hoping to have the corn growers support for some policy that would both reduce carbon emissions from transportation fuels and block any attempt by the federal government to subsidize EVs.
Those EV subsidies are a threat to gasoline demand, as well as to ethanol demand.
The corn and oil industry lobby, forces combined, could be a force to be reckoned with.
By Julianne Geiger for Oilprice.com
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