Ethanol Producers Pop; No Waivers Granted Over Gasoline Blending Requirements (PEIX) (BIOF)
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Ethanol-related stocks are seeing a little activity Friday following headlines that the Obama administration rejected a handful of waivers from states over blending corn-based ethanol into gasoline.
Names like Pacific Ethanol (Nasdaq: PEIX) and Biofuel (Nasdaq: BIOF) are up on the session as a result, while companies like Solazyme (Nasdaq: SZYM), Clean Energy Fuels (Nasdaq: CLNE), Wesport Innovations (Nasdaq: WPRT), Cummins (NYSE: CMI), and other alternative-fuel hopefuls are just a little lower today.
Under the EPA plan, gasoline refiners would need to blend about 13.2 billion gallons of the biofuel in 2012. States seeking a waiver on the requirements were Texas, New Mexico, Georgia, Virginia, Delaware, Maryland, North Carolina, and Arkansas, not to mention a few members of Congress.
Of the forecast 10.725 billion bushels of corn being grown this year, about 4.5 billion will be used to make ethanol. Production of the substance has fallen 14 percent in 2012, while corn crop yields are down to six-year lows following the drought that ravaged the U.S. earlier in the year.
Names like Pacific Ethanol (Nasdaq: PEIX) and Biofuel (Nasdaq: BIOF) are up on the session as a result, while companies like Solazyme (Nasdaq: SZYM), Clean Energy Fuels (Nasdaq: CLNE), Wesport Innovations (Nasdaq: WPRT), Cummins (NYSE: CMI), and other alternative-fuel hopefuls are just a little lower today.
Under the EPA plan, gasoline refiners would need to blend about 13.2 billion gallons of the biofuel in 2012. States seeking a waiver on the requirements were Texas, New Mexico, Georgia, Virginia, Delaware, Maryland, North Carolina, and Arkansas, not to mention a few members of Congress.
Of the forecast 10.725 billion bushels of corn being grown this year, about 4.5 billion will be used to make ethanol. Production of the substance has fallen 14 percent in 2012, while corn crop yields are down to six-year lows following the drought that ravaged the U.S. earlier in the year.
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