As Congress considers scaling back or even abolishing U.S. government regulations mandating the use of renewable fuels, many in the petroleum industry are on cloud nine. That is, everyone except for British Petroleum (NYSE:BP).
The reason BP isn’t happy is because their joint venture with Dupont Co. (NYSE:DD), set to start producing a new alternative fuel by the end of the year, would have its market evaporated before they could enter it should Congress repeal the Renewable Fuels Standard, the law in question.
“They don’t need to change the law,” Paul Beckwith, the chief executive of the venture, Butamax Advanced Biofuels, of Wilmington, Delaware, said in an interview. The program “as it’s currently configured is working, and there are good opportunities for increasing renewable levels beyond where they are today.”