Former Secretary Vilsack says Administration can help biofuels industry
A Former Secretary of Agriculture says the Trump Administration should offer the biofuels industry assistance just as it has for the oil industry.
Tom Vilsack told reporters during a Focus on Rural America conference call the biofuels industry hasn’t been invited to the White House to discuss losses caused by the coronavirus outbreak like the airline and oil companies. The former Secretary says the USDA can be more creative, such as using the Commodity Credit Corporation like he did for cotton during the Obama Administration. Vilsack says doing this would send a strong signal to farmers that the Renewable Fuels Standard is still a “valued and needed and necessary and essential to the future of agriculture and rural economies.”
The Trump administration reportedly has discussed lending money to oil producers in exchange for partial ownership stakes and required output reductions after passing on buying more oil for the Strategic Petroleum Reserve.