The U.S. Supreme Court is hearing oral argument on Tuesday in a case that has pitted the oil industry and the corn lobby for years—whether refiners can obtain exemptions from blending ethanol in gasoline and diesel under the Renewable Fuel Standard. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the infrastructure to blend biofuels must purchase tradeable blending credits known as Renewable Identification Numbers, or RINs. The Environmental Protection Agency (EPA) has the authority to grant waivers from the RFS to refineries whose oil processing capacity is below 75,000 barrels per day (bpd) if the companies owning the refinery can prove that the credits they must buy are causing them financial hardship. The Trump Administration has given refiners exemptions from the biofuel policies, but the Biden Administration is not expected to do […]