Washington has shelved indefinitely a planned overhaul of the national biofuels policy that sought to reduce costs for the oil industry, two sources told Reuters, saying the move was the result of pressure from corn states prompted by concern such an overhaul will reduce demand for ethanol. The news comes after months of tough negotiations as the administration has found itself on a tightrope between the oil industry on the one hand, and the ethanol industry on the other, with their interests at odds. U.S. refiners are obliged to add a certain percentage of bioethanol to the fuel their produce every year and earn or buy blending credits—renewable identification numbers, or RINs—that they must present as proof of their compliance with bioethanol fuel quotas to the Environmental Protection Agency. Refiners, however, have been complaining that these quotas are costing them dearly, so one of the changes envisaged in the […]