2025-11-19 21:50

Administration may delay program by one or two years Move would please US refiners but upset farm lobby Sources say no final decision on delay has been made Nov 19 (Reuters) - President Donald Trump's administration is considering delaying for one or two years its proposed cuts in incentives for imported biofuels amid pressure from U.S. refiners who argue the move could raise costs and tighten fuel supplies, according to two sources familiar with the matter. The delay now under discussion could please domestic oil refiners that have invested in the bio-based diesel sector but would risk frustrating U.S. farmers and biofuel producers. Sign up here. The proposal for the Environmental Protection Agency to slash the value of renewable fuel credits given by the U.S. government for imported biofuels was initially pitched this year as part of Trump's "America First" energy agenda, aimed at boosting domestic production and reducing reliance on foreign supply, and was meant to take effect Jan. 1. The Environmental Protection Agency is now weighing a plan to delay implementation of that proposal until 2027 or 2028, the sources told Reuters, speaking on condition of anonymity. The EPA said it is reviewing public comments ahead of issuing final rules in the coming months. The agency declined to comment on whether it is considering a delay. The White House did not respond to requests for comment. Big Oil, led by the influential American Petroleum Institute industry group, had argued that limiting credits for foreign supply could constrain availability and push fuel prices higher - an outcome the White House is eager to avoid as affordability remains a central political concern heading into next year's congressional elections. Under the proposed cuts in credits for imports, the EPA would allocate only half as many tradable renewable fuel credits to imported biofuels and biofuel feedstocks as to domestic ones. The shift has significant implications for bio-based diesel, which relies on imports to meet federal mandates. The decision on a possible delay is one of several high-profile regulatory moves by the administration that the fuel industry is closely watching. Others include finalizing 2026 biofuel blending mandates, determining whether to allow year-round sales of gasoline blended with 15% ethanol, or E15, and deciding how or whether to require larger refiners to compensate for exempted gallons under the small refinery waiver program. The protracted U.S. government shutdown and efforts to resolve a logjam of small refiner requests for exemptions from U.S. biofuel laws have also contributed to delays in resolving regulatory moves related to biofuels, the sources said. https://www.reuters.com/sustainability/climate-energy/trump-administration-may-delay-biofuel-import-credit-cuts-refiners-balk-2025-11-19/

2025-11-19 21:42

CARACAS, Nov 19 (Reuters) - A fire erupted on Wednesday at an oil project in Venezuela's eastern region where the crude upgrader Petrocedeno operates, according to local media and sources from state company PDVSA. Crude upgraders along the Orinoco Belt, Venezuela's main oil producing region, are key to turning the country's extra heavy crude output into exportable grades. Sign up here. An explosion was heard before the fire, which was near the upgrader's distillation tower, a worker from a nearby project said. The fire could have extended to a naphtha plant, according to another source. Ambulances were heading to the site of the incident, a third source said, but no injured people have been reported officially. Workers were being evacuated from the project, according to local media. PDVSA, which operates the project, did not immediately reply to a request for comment. https://www.reuters.com/business/energy/fire-erupts-petrocedeno-crude-upgrader-venezuela-source-media-2025-11-19/

2025-11-19 21:40

Powell's term as Fed chair ends in May Treasury's Bessent is leading search for replacement Trump could announce new Fed chair after Christmas, Bessent says WASHINGTON, Nov 19 (Reuters) - U.S. President Donald Trump on Wednesday doubled down on his criticism of Federal Reserve Chair Jerome Powell for not lowering interest rates more quickly, saying: "I'll be honest, I'd love to fire his ass." Trump, speaking at a Saudi Arabia-backed investment forum in Washington, urged Treasury Secretary Scott Bessent to accelerate the hunt for a successor for Powell, whose term as Fed chair ends in May. His term as Fed governor ends in 2028. Sign up here. "You've got to work on him, Scott. The only thing Scott's blowing it on is the Fed," Trump said about Bessent, who was in the audience for the event at the Kennedy Center in Washington. "The rates are too high, Scott, and if you don't get it fixed fast, I'm going to fire your ass," Trump said, apparently in jest. The next chair is likely to be named to a 14-year Fed governor term that begins February 1. The term that expires then is now held by Stephen Miran, who is on unpaid leave from his role as head of the White House Council of Economic Advisers. SUCCESSOR SEARCH ACCELERATES Bessent, who is leading the search for a new Fed chair, on Tuesday told Fox News that Trump is slated to meet the three finalists for the job after Thanksgiving, November 27, with a new pick likely to be announced before Christmas. Trump has repeatedly praised Bessent's work, and has said the Treasury secretary would be his pick for the Fed chair job, although Bessent has told him he would rather remain at the helm of Treasury and the Internal Revenue Service. Trump told reporters on Tuesday that his administration had some "great names" in mind for the top post at the Fed. Trump reiterated that Bessent did not want the job and continued to berate Powell, whom he nominated for the job during his first term. Trump has hammered Powell since before taking office in January about his leadership of the Fed, describing him as incompetent and questioning his handling of a Fed renovation project that he says is billions of dollars over budget. Powell rejects that claim, arguing that Trump is adding in the renovation cost for another central bank office that was completed five years ago. Bessent has named five finalists: White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh, current Fed Governor Christopher Waller, Fed Vice Chair for Supervision Michelle Bowman, and BlackRock executive Rick Rieder. https://www.reuters.com/business/trump-says-he-would-love-fire-fed-chair-powell-2025-11-19/

2025-11-19 21:36

Agriculture chief: payments will be for farmers facing losses Farmers saddled by low crop prices and trade disputes USDA to announce changes to SNAP food aid after Thanksgiving WASHINGTON, Nov 19 (Reuters) - The administration of President Donald Trump will soon announce details of payments to farmers hurt by low crop prices and trade disputes, Agriculture Secretary Brooke Rollins said on Wednesday. U.S. farmers have been saddled this year with record harvests and lost billions of dollars in soybean sales to China when the nation turned to South American suppliers this fall during stalled trade talks. Sign up here. The administration had been expected to announce a farm bailout totaling as much as $15 billion in October. Rollins previously said the 43-day federal government shutdown delayed the rollout. "There's no doubt that the farm economy for a lot of reasons is really, really struggling right now," Rollins said on NewsNation on Wednesday, adding that resumed soybean purchases from China and other agricultural trade deals have improved conditions. "We'll soon be announcing a potential bridge payment for those who are still facing losses," Rollins said. Stephen Vaden, the USDA's deputy secretary, told reporters in a call on Monday that the agency is in the process of calculating how recent trade deals with countries including Pakistan and Japan could affect the farmer payments. Bloomberg reported on Wednesday that details of the payments will be announced in early December, citing an interview with Rollins. The USDA did not immediately respond to questions about the timing. During Trump's first term, he paid farmers more than $23 billion for trade-related losses. Farmers have predominantly supported Trump in elections. MORE FOOD STAMP CHANGES COMING Rollins also said on NewsNation that the USDA will be making an announcement about "structural changes" to the Supplemental Nutrition Assistance Program, also known as food stamps, the week after Thanksgiving. Rollins has said all SNAP recipients will need to reapply to the program to ensure the benefits are going to eligible recipients as part of an agency effort to address fraud in the program. The country's nearly 42 million SNAP recipients are already required by federal law to regularly recertify their eligibility with state agencies, typically every 6 to 12 months. During the shutdown, SNAP benefits lapsed for the first time ever, forcing recipients to make sacrifices like forgoing medication to afford groceries. A USDA spokesperson said that since February 2025, the agency has made 127 arrests for SNAP fraud, which resulted in 63 convictions and more than $16.5 million in fines and fees. The agency did not provide further details of the arrests or charges. https://www.reuters.com/world/us/us-will-soon-announce-details-farmer-payments-says-agriculture-secretary-2025-11-19/

2025-11-19 21:31

WINNIPEG, MANITOBA, Nov 19 (Reuters) - Nutrien (NTR.TO) , opens new tab, the world's largest potash fertilizer producer, said on Wednesday it is hoping to build a new export terminal in Longview, Washington, to "meet rising demand for Saskatchewan-made potash." It expects to make a final investment decision on the idea in 2027. Previously Nutrien said it was considering Canadian locations as well. Sign up here. https://www.reuters.com/business/nutrien-selects-us-site-potash-terminal-2025-11-19/

2025-11-19 21:03

CAIRO, Nov 19 (Reuters) - Saudi Arabian sovereign wealth fund the Public Investment Fund, Saudi information technology company SITE and Microsoft (MSFT.O) , opens new tab signed a memorandum of understanding to explore the delivery of Microsoft’s sovereign-cloud services in the kingdom, the Saudi fund said in an X post on Wednesday. Sign up here. https://www.reuters.com/world/middle-east/saudi-pif-site-microsoft-sign-mou-explore-delivery-sovereign-cloud-services-2025-11-19/