Renewable Fuel Standards Are 'Broken,' Valero Says

Law360, Washington (July 16, 2013, 3:01 PM EDT) -- Valero Energy Corp. urged U.S. Senate lawmakers on Tuesday to drastically revise the renewable fuel standards imposed on the oil and gas industry, claiming the current system drives prices up by calling for biofuel and additive requirements that refiners, producers and gas pumps can't handle.

According to Valero CEO Bill Klesse and other witnesses at a Senate Energy and Natural Resources Committee hearing Tuesday, it's impossible for the oil and gas industry to meet the current or future renewable fuel standards and the program is in...
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