EPA Delays 2014 Renewable Fuel Standard

On November 21, 2014, the U.S.
Environmental Protection Agency (EPA) announced that a final Renewable Fuel
Standard (RFS) for 2014 will not be issued by the end of the year.
The compliance deadline for the 2013 RFS will be renewed until the new rule is
issued, sometime in 2015. The 2014 RFS was due to be finalized by November 30,
2013. When the rule is released in 2015, it will set standards through 2016
with the intention of making up for long delays in the RFS rulemaking.

Biobased and Renewable Products Advocacy Group (BRAG^®)
member, the
Biotechnology Industry Organization (BIO), issued a statement on EPA’s decision,
noting that inaction on the RFS in 2014 results in continued uncertainty for
advanced biofuel development. Numerous articles on the EPA announcement were
posted, including one
in The New York Times.

On December 1, 2014, the American Fuel
& Petrochemical Manufacturers (AFPM) filed a notice of intent to sue
EPA for the failure to issue the 2015 RFS by November 30, 2014. In addition,
the American Petroleum Institute (API) reportedly communicated to EPA that it
intends to evaluate its legal options going forward.