Philadelphia Energy Solutions Bankruptcy Settlement Granted by Delware's Federal Bankruptcy CourtThu, 05 Apr 2018 11:38:24 CDT
The following is a statement from North Dakota farmer Kevin Skunes, president of the National Corn Growers Association (NCGA), on yesterday’s Philadelphia Energy Solutions (PES) Bankruptcy Settlement, granted by a federal Bankruptcy Court in Delaware.
“The National Corn Growers Association (NCGA) is extremely disappointed in the bankruptcy court’s ruling, allowing PES to waive the majority of its obligation under the RFS. This settlement is not acceptable and completely undermines the Renewable Fuel Standard (RFS). This settlement negotiated is just another example of how the Agency is willing to dismantle the RFS. This settlement rewards corporations, such as the $12 billion Carlyle Group, which should be liable for PES’ RFS obligations, at the expense of farmers. Farmers are entering their fifth year of low prices and net farm losses and can’t afford reducing demand for ethanol, as corn is the primary feedstock used in the production of conventional biofuel. As EPA’s actions continue to chip away at the RFS, farmers continue to ask President Trump to remember his promise to rural America and farmers and to keep the integrity of the RFS.”
Source - National Corn Growers Association
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