U.S. President Donald Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to the biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed regulations for its bankruptcy, according to four sources familiar with the matter that spoke to Reuters.
This meeting follows the bankruptcy of oil refiner Philadelphia Energy Solutions (PES) last month, which blamed the regulation for its demise. PES employs more than a thousand people in Philidelphia. Part of the politics of the meeting and the bankruptcy is the fact that PES is asking a bankruptcy judge to shed roughly $350 million of its current RFS compliance costs, owed to the EPA which administers the program, as part of its restructuring package.32
