The Biden administration proposed on Tuesday a reduction in the amount of biofuels that U.S. oil refiners were required to blend into their fuel mix since the onset of the COVID-19 pandemic. The long-awaited decision offers some relief to the U.S. refining industry after the health crisis slammed domestic demand for transport fuels, but is likely to upset producers of corn-based ethanol and other biofuels that have also suffered from the pandemic’s fallout. The announcement marks U.S. President Joe Biden’s first major decision on the nation’s biofuel policy and will be seen as a bellwether of his support for the fuel blending law that is backed by farmers but opposed by oil refiners. The U.S. Environmental Protection Agency, which administers the policy,proposed to retroactively set total renewable fuel volumes at 17.13 billion gallons for 2020, down from a previously finalized rule for 2020 […]