Billionaire Carl Icahn was on the defensive regarding his attempt to restructure the Renewable Fuels Standard. A Bloomberg article says Icahn is arguing that without changes, independent refiners and small gas station owners will soon go out of business. His attempt to get the point of obligation changed under the RFS is drawing criticism thanks to his role as an unpaid adviser to President Donald Trump. He’s also the principal owner of CVR Energy and therein lies the conflict. Icahn was quick to dismiss any criticism and said the action is straightforward. “I own a refinery,” he says, “so obviously, I have an interest in it. But there are 12 other refineries getting killed worse than mine is. I own a refinery so who knows it better than me? Why shouldn’t I advocate” Federal rules prohibit government employees from profiting from government service, but Icahn isn’t paid so those rules don’t apply. His proposed change wouldn’t alter the fact that biofuels are required to be blended in with gasoline and diesel. Icahn wants to change which businesses are required to do the blending, known as the point of obligation.
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