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Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u Jun 20, 2013 8:58 AM Flag

    BP defends renewable-fuel rule other oil companies oppose

    BP defends renewable-fuel rule other oil companies oppose

    June 20, 2013 at 6:45 am by Bloomberg

    As Congress considers scaling back or abolishing U.S. rules that mandate the use of renewable fuels, it has the full-throated support of the petroleum industry — with one major exception.

    BP Plc (BP/) (BP/), one of the world’s biggest oil companies by revenue, is part of a joint venture with DuPont Co. (DD) that is set to start producing a new alternative fuel by the end of the year. In order to preserve a market for that fuel, its officials are busy in Washington trying to convince lawmakers that the current system doesn’t need an overhaul.

    “They don’t need to change the law,” Paul Beckwith, the chief executive of the venture, Butamax Advanced Biofuels LLC (0031863D) of Wilmington, Delaware, said in an interview. The program “as it’s currently configured is working, and there are good opportunities for increasing renewable levels beyond where they are today.”

    The Renewable Fuel Standard, or RFS, dates in its current form to 2007, when concerns about dependence on overseas oil and a desire to curb the use of fossil fuels induced Congress to set quotas for the use of alternatives to gasoline or diesel, such as ethanol and biodiesel.

    Under the law, refiners such as Exxon Mobil Corp. (XOM) must blend a certain amount of renewable fuels into their gasoline each year, with their contribution determined by their share of the fuel market. The Environmental Protection Agency and renewable-fuel producers say the mandate spurs production of American-made fuels, helps corn farmers and cuts carbon emissions by replacing gasoline.

    Lobbying Costs

    The efforts of BP and Wilmington, Delaware-based DuPont, which together spent $13.8 million on lobbying in 2012, show the fissures in the business community over the future of the rules, and the difficult path any overhaul must tread. A panel of the House Energy and Commerce Committee is set to hold a hearing on the progra

 
XOM
93.64+2.48(+2.72%)Dec 19 4:02 PMEST

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