Clean Energy Fuels Corp

The Trump administration is discussing plans to shield the U.S. Farm Belt from an expected expansion of biofuel waivers, a move under consideration to cut gasoline prices for motorists, Reuters reported. The plan would increase biofuel quotas for 2027 by about 500 million gallons to offset damage from exemptions for smaller refineries, which are expected to roughly double from 990 million renewable fuel credits to as many as 1.8 billion. During Trump's first term, broad refinery exemptions drew fierce opposition from Midwest farmers and ethanol producers, and the issue has resurfaced as the administration seeks to lower fuel costs ahead of the November midterm elections. A coalition of farm and biofuel groups urged Trump to reject any waiver expansion, warning of severe and immediate consequences that could collapse biofuel markets and reduce demand for corn and soybean oil. Trump is expected to meet with refiners and fuel retailers in the coming week to highlight efforts to lower gasoline prices.

U.S. ethanol blending credit prices plunged Monday to their lowest levels in more than four months after the Environmental Protection Agency extended a September 1 compliance deadline for refiners and ruled on long-pending small refinery exemption requests by the end of August. Conventional ethanol RINs traded as low as $1.75, down $0.34 from Friday and their lowest level since April 15, according to data from Argus Media, after the credits had traded as high as $2.50 on July 7. RIN prices lost substantial value again during Monday's session in response to the EPA's impending small refinery exemption decisions, after falling 5% on Friday. Market participants expect the EPA's rulings to free up a significant number of credits, with refining and ethanol industry analysts estimating that the exemptions could free up 1.2 billion to 1.8 billion RINs that small refiners could use to meet their 2025 compliance obligations, after the EPA had previously indicated it could reallocate 990 million RINs associated with exemptions. Extending the compliance deadline is seen as signaling some form of RIN relief for refiners' 2026 and 2027 obligations as well, University of Illinois agricultural economist Scott Irwin told Reuters.

The Trump administration formally asked Congress on Wednesday to pass legislation allowing year-round sales of gasoline blended with 15% ethanol, marking the first formal push by the White House to enact the policy. The request came in a supplemental bill released by the Office of Management and Budget, which called the measure an urgent and needed fix that codifies the permanent, year-round sale of E15. Supporters argue the higher-ethanol blend offers motorists a cheaper alternative to conventional gasoline, while U.S. refiners warn it could raise costs and complicate fuel distribution. Legislation allowing year-round E15 sales narrowly passed the House last month but faces long odds in the Senate, where major bills typically need 60 votes. The national average for regular gasoline stood at $3.93 per gallon as of Wednesday morning.

Shares of Clean Energy Fuels and RPC fell in afternoon trading after the U.S. Treasury formally issued a 60-day general license authorizing the production and sale of Iranian crude oil, extending a de-escalation trade that began when Washington and Tehran signed an interim peace framework the previous week. Clean Energy Fuels dropped 3.2 percent and RPC fell 2.7 percent as energy markets priced out a war premium that had pushed Brent crude from approximately 73 dollars pre-war to 126 dollars at its peak following U.S. and Israeli strikes on Iran on February 28, 2026, and Iran's closure of the Strait of Hormuz. The 14-point memorandum of understanding commits Iran to reopening the strait and allowing IAEA inspectors to return, with the Treasury license clearing Iranian barrels to flow legally through August 21, though Iran re-announced the strait's closure over the weekend citing Israeli ceasefire violations in Lebanon. The IEA warned that if the framework holds fully, 2027 global supply could outstrip demand by 5.05 million barrels per day, a structural headwind for energy equities.