{"id":105743,"date":"2021-01-28T19:50:18","date_gmt":"2021-01-28T19:50:18","guid":{"rendered":"https:\/\/fin2me.com\/?p=105743"},"modified":"2021-01-28T19:50:18","modified_gmt":"2021-01-28T19:50:18","slug":"exclusive-u-s-oil-industry-seeks-unusual-alliance-with-farm-belt-to-fight-biden-electric-vehicle-agenda","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/exclusive-u-s-oil-industry-seeks-unusual-alliance-with-farm-belt-to-fight-biden-electric-vehicle-agenda\/","title":{"rendered":"Exclusive: U.S. oil industry seeks unusual alliance with Farm Belt to fight Biden electric vehicle agenda"},"content":{"rendered":"<p>NEW YORK (Reuters) &#8211; The U.S. oil industry is seeking to forge an alliance with the nation\u2019s corn growers and biofuel producers to lobby against the Biden administration\u2019s push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions.<\/p><figcaption>FILE PHOTO: U.S. President Joe Biden delivers remarks on tackling climate change prior to signing executive actions in the State Dining Room at the White House in Washington, U.S., January 27, 2021. REUTERS\/Kevin Lamarque<\/figcaption><p>The effort marks an unusual attempt by the petroleum industry to cozy up to its long-time rivals, reflecting the scale of its concern over President Joe Biden\u2019s sweeping measures to combat climate change and tamp down fossil fuels.<\/p>\n<p>While the oil industry and biofuels producers are natural competitors for space in America\u2019s gas tanks, they share a desire to ensure a future for internal combustion engines.<\/p>\n<p>The effort also reflects the rapidly shifting political landscape in Washington: the oil industry\u2019s once-mighty influence has waned since Biden replaced Donald Trump as president, but the farm belt remains a vital and powerful political constituency.<\/p>\n<p>The American Fuel and Petrochemical Manufacturers oil refining trade group confirmed it has been contacting state and national representatives of the corn and biofuel industries in recent weeks to seek support for a policy that would reduce the carbon-intensity of transport fuels and block efforts to provide federal subsidies for electric vehicles.<\/p>\n<p>That proposal would be an alternative to Biden\u2019s stated goal of electrifying the nation\u2019s vehicle fleet and would ensure a continuing market for liquid fuels like gasoline and corn-based ethanol.<\/p>\n<p>AFPM met in mid-January with some corn and biofuel industry lobbyists and some member refiners are hoping to host another meeting in February to discuss the future of liquid fuels.<\/p>\n<p>\u201cThis whole idea was going to have to take a whole lot of time to gel, but we have made some progress,\u201d said Derrick Morgan, senior vice president at AFPM.<\/p>\n<p>The industry\u2019s push to change the course of electric vehicle policy faces big headwinds: California has announced a ban on internal combustion engines by 2035, other states are considering similar measures, and auto-maker General Motors on Thursday announced it will produce only electric vehicles by then.<\/p>\n<p>Geoff Cooper, head of the Renewable Fuels Association, a leading biofuel industry trade group, confirmed RFA representatives were invited to participate in the February meeting, but said his organization had not yet decided whether to attend.<\/p>\n<p>\u201cWe weren\u2019t born yesterday and we\u2019re not going to let the oil industry play us like a fiddle,\u201d he said. \u201cThey have a long history of pushing surrogates and proxies to the microphone to do their dirty work and we\u2019re not interested in that.\u201d<\/p>\n<p>The National Corn Growers Association is also considering whether to send staff the February discussion, according to two sources familiar with the matter.<\/p>\n<p>NCGA CEO Jon Doggett told Reuters no such meeting had been scheduled, and distanced his group from the idea of an oil-corn alliance. \u201cI have nothing to do with any refining groups. We haven\u2019t talked,\u201d he said.<\/p>\n<p>Asked if any of its state-level member organizations were considering attending, Doggett replied, \u201cWe have dozens of groups. I can\u2019t know what all of them are planning.\u201d<\/p>\n<p>Sources said the biofuel and corn industry is reluctant to join with the oil industry on this issue not just because of its longstanding rivalry with refiners, but also because it does not want to publicly oppose the energy policies of the new president.<\/p>\n<h2>WHIPLASH IN WASHINGTON<\/h2>\n<p>The refining sector enjoyed a seat at the table under former President Donald Trump, who was keen to bolster the oil and gas industry.<\/p>\n<p>Biden marks a complete reversal. He entered the White House promising measures to restrain the oil industry, from pausing new drilling leases on public lands to contemplating tougher limits on emissions.<\/p>\n<p>Biden this week pledged to buy 645,000 electric cars for the government vehicle fleet as part of a broader plan to advance EVs through vehicle procurement, infrastructure development and subsidies, threatening the multi-billion dollar gasoline market.<\/p>\n<p>AFPM\u2019s Morgan said refiners are not scared of electric vehicles but dislike rigid government mandates. \u201cWhat we have a problem with are heavy-handed mandates that take away consumer choice, either altogether or in large part. We don\u2019t think that\u2019s the right way forward,\u201d Morgan said.<\/p>\n<p>The oil industry believes carbon emissions from fuel can be reduced by requiring increased octane content, which makes gasoline burn cleaner. Ethanol is a popular octane booster.<\/p>\n<p>The U.S. Renewable Fuel Standard currently requires refiners to blend biofuels like ethanol into fuels. As a result, most gasoline sold in the United States has about 10 percent ethanol in it. The biofuel industry has been pushing hard to ensure those mandates continue.<\/p>\n<p>\u201cIt\u2019s no surprise the oil industry all of a sudden wants to give us a bear hug. We produce lower carbon fuels. They don\u2019t,\u201d said Emily Skor, head of the biofuel group Growth Energy.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/us-usa-biden-electric-cars-exclusive\/exclusive-u-s-oil-industry-seeks-unusual-alliance-with-farm-belt-to-fight-biden-electric-vehicle-agenda-idUSKBN29X2O8\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK (Reuters) &#8211; The U.S. oil industry is seeking to forge an alliance with the nation\u2019s corn growers and biofuel producers to lobby against [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":105742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exclusive: U.S. oil industry seeks unusual alliance with Farm Belt to fight Biden electric vehicle agenda - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/exclusive-u-s-oil-industry-seeks-unusual-alliance-with-farm-belt-to-fight-biden-electric-vehicle-agenda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive: U.S. oil industry seeks unusual alliance with Farm Belt to fight Biden electric vehicle agenda - Fin2me\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) &#8211; 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