The administration of U.S. President Joe Biden is considering big cuts to the nation’s biofuel blending requirements, according to a document seen by Reuters, a move triggered by a broad decline in gasoline demand during the coronavirus pandemic. If adopted, the proposal would be a win for the oil industry, most notably PBF Energy (PBF.N) and CVR Energy (CVI.N) , which argues biofuel blending is costly. The cuts would anger ethanol producers such as Archer-Daniels-Midland Co (ADM.N) and the nation’s corn farmers who produce the raw ingredients for ethanol – by far the most widely used biofuel. After Reuters reported the news, credits used to prove compliance with the requirements, called RINs , fell to 92 cents each, down […]