EPA chief denies Icahn influence in biofuel regulation
WASHINGTON (Reuters) – Investor Carl Icahn never wielded excessive affect on U.S. biofuels policy while acting as President Donald Trump's adviser on regulation, the actual top in the Environmental Protection Agency said from a letter to a Democratic Senator Sheldon Whitehouse.
The letter, dated September 11, was a response to repeated requests by Whitehouse and also other Democratic lawmakers for home elevators Icahn's dual role as an adviser on biofuels regulation as well as a majority stakeholder from a refining company, CVR Energy, directly impacted by those rules.
Icahn ended his adviser role in August after facing criticism his guidance to Trump represented a conflict of interests as it may have benefited CVR. Icahn has denied the allegations.
EPA Administrator Scott Pruitt said from the letter to Whitehouse, seen by Reuters , that Icahn was "one of many" of Trump's advisers they met in his confirmation process, and then he "made no assurances regarding the point of obligation or other substantive issue."
The "reason for obligation" identifies absolutely vital below the U.S. Renewable Fuel Standard that refiners blend increasing degrees of biofuels like ethanol inside their gasoline yearly. Icahn, his company CVR, in addition to a several other refiners wanted to shift that responsibility off refiners in a would’ve saved them millions of dollars.
Icahn proposed the reform to your administration in February. The Trump administration hasn’t already chose on the request, but environmental regulators are intending to formally reject it, sources have told Reuters.
Icahn, who have an 82 % stake in CVR, says his proposal wouldn’t constitute self-dealing mainly because it might have benefited his competitors too.
Pruitt added the letter the EPA's Office of Environmental Information searched the EPA emails of 39 senior leadership employees, determined "no emails to or through the of such employees and Mr. Icahn or CVR on any subject" between Feb. 17 and Aug. 18.
A spokesman for Whitehouse said the senator was reviewing Pruitt's response "for accuracy and check if additional steps are warranted."
Icahn's proposal to shift the stage of obligation might have lowered prices for renewable fuels credits often known as RINs. A Reuters article on CVR filings showed the corporation was accumulating a substantial bet on a decline in RIN prices months before Icahn made his reform proposal.
Investors, meanwhile, have accumulated a big short position in CVR in past times 12 weeks, based on Reuters data.