ACE statement on Cruz town hall at Philadelphia refinery
Posted on 02/21/2018
Sioux Falls, SD (February 21, 2018) –American Coalition for Ethanol (ACE) CEO Brian Jennings released the following statement following Senator Ted Cruz’s town hall with employees from the refinery Philadelphia Energy Solutions (PES), which filed for Chapter 11 bankruptcy last month:
“Senator Cruz’s increasingly desperate publicity stunts do not change the fact that the problems facing Philadelphia Energy Solutions have nothing to do with the Renewable Fuel Standard and everything to do with mismanagement by the PES ownership group. In recent days, it has been disclosed by current and former PES employees that the Carlyle Group, a private equity firm that owns two-thirds of PES, prioritized cash distributions to shareholders over small investments that would have enabled the refinery to comply with the RFS. It is shameful that Senator Cruz is calling on Uncle Sam to bailout PES for mismanagement blunders when most U.S. refiners have been complying with the law.
"The ethanol industry has been crystal clear with anyone willing to listen that the win-win Senator Cruz claims to seek is to grant RVP relief for E15 and higher blends. This would increase ethanol blending and the RIN supply, bring down RIN prices, and keep the RFS statute intact.”
The event was live-streamed via Senator Cruz's Facebook page, the video is available HERE.