PRESS RELEASES



BACK TO PRESS RELEASES

POET comments on deal to change the point of obligation


“It’s a bailout.”


Monday, February 27, 2017


SIOUX FALLS, S.D. (Feb. 27, 2017) – POET CEO Jeff Broin issued the following statement in response to the “deal” between the Renewable Fuels Association (RFA) and Carl Icahn to shift the obligation under the Renewable Fuel Standard from oil refiners to fuel retailers.

“It’s a bailout. This was a back-room ‘deal’ made by people who want out of their obligations under the Clean Air Act, and frankly, it’s not a surprise. Carl Icahn has long been a self-interested, vocal critic of the program. We have been expecting this from the RFA as they have casually backed away from their support since an oil refiner became their largest member.

“This ‘deal’ is absent leading voices in the biofuels industry, including its largest producer, POET. Bob Dineen does not have the authority to negotiate on behalf of the biofuels industry, and Icahn does not have the authority to negotiate policy on behalf of the U.S. government. Icahn found a willing partner in the RFA, whose largest member is an oil refiner in a similar situation to Icahn’s.

“The biofuels industry has worked hand-in-hand with gasoline retailers to grow consumer access to clean, high-octane E15 through our Prime the Pump program. Our partner retailers have said time and again that changes to the point of obligation will stop that momentum.

“With the crisis facing farmers today – declining farm incomes, falling land values, low commodity prices – we need a consistent, growing biofuels market. The point of obligation must remain as it is today for the sake of fuel retailers, biofuels producers, farmers, consumers across America and oil refiners who have met their obligations under the Clean Air Act.”

About POET
POET, the world’s largest biofuel producer, is a leader in biorefining through its efficient, vertically integrated approach to production. The 30-year-old company has a network of 27 production facilities. POET, through its joint venture with DSM, also operates a commercial-scale cellulosic ethanol plant in Emmetsburg, Iowa. For more information, visit http://www.poet.com.


# # #

W