Folks are up in arms today after hearing the news ...
According to Reuters, the EPA has granted a financial hardship waiver to an oil refinery owned by Carl Icahn.
As you likely know, Icahn's got a fat wallet and an I.O.U. from Trump for being an "advisor," so this news shouldn't come as a surprise.
The Reuters piece noted that the waiver enables Icahn's CVR Energy Inc to avoid tens of millions of dollars in costs related to the U.S. Renewable Fuel Standard, which mandates that biofuels be blended into transportation fuel. This is why you see those stickers on gas pumps declaring "10% ethanol."
But I'm not hear to criticize Icahn over this.
In fact, I actually don't think Icahn should have to pay any of those costs.
I don't think any refiner should have to pay those costs, because the renewable fuel standard has never been anything more than a taxpayer-funded welfare scam.
An Endorsement of Socialist Policies
The whole thing was pitched as a way to cut air pollution, reduce petroleum imports and support farmers.
It's done none of those things, and in fact, has resulted in just new forms of natural capital destruction. At the taxpayers expense, of course. Because you see, the free market never dictated the necessity of biofuels. The government did that.
The truth is, there would be no viable biofuel industry today if the government weren't paying it to create a product that's not only unnecessary but also serves as just one more environmental burden we all must bear while we continue to buy the illusion that only an outdated internal combustion engine can move us efficiently and quickly from place to place.
Meanwhile, the president that was supposed to fight against government corruption has been handing out hardship waiver programs to guys like Icahn, when in reality, he should be pushing to end the renewable fuels standard altogether.
Anything less is an endorsement of the type of socialist policies that Trump so aggressively argued against.
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