After reporting a net income of $234.4 million last year, billionaire investor Carl Icahn—a former regulatory adviser to President Donald Trump—has received a “financial hardship” waiver from the EPA, exempting his oil company from complying with fuel regulations.
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As Reuters reported, the waiver is meant for small oil refineries that can prove that compliance with the Renewable Fuel Standard (RFS) program would cause them “disproportionate financial hardship.”
The RFS program requires large oil companies to mix biofuels like ethanol with oil and gas to cut down on air pollution, support corn farmers, and reduce gas imports. Companies are required to earn or purchase tradable credits for each gallon of blended fuel, to prove compliance.
Icahn’s company stands to save tens of millions of dollars per year thanks to the exemption, which had previously been denied by the Obama administration.
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