May 19, 2017
Trump to repeal the Big Refinery tax?
Good news: If President Donald Trump is true to his word, the price of gas at the pump is about to get significantly cheaper. Multiple reports state that Trump is considering changing the point of obligation of the Renewable Fuels Standard (RFS) so that major oil companies can no longer take advantage of the American people. Let's hope he does, because the point of obligation in its current form has done nothing but shuffle wealth from the rich to the poor. Today, the RFS requires that all transportation fuels have a minimum volume of renewable fuels. Right now, that "point of obligation" is set at 10 percent ethanol, something most of us see posted clearly on the gas pumps. Once the fuel is blended, a Renewable Identification Number (RIN) is assigned to the mixture before it is ready to be sold. But herein lies the problem: complying with this ethanol mandate – in effect, an unnecessary hidden tax on production – is much easier for...(Read Full Post)