US refiners, biofuel makers eye EPA moves over blending obligations

The US renewable volume obligation has rallied to the highest level since 2023 after the expiration of the blenders tax credit in December 2024. The RVO for 2025 was due in March but has yet to be announced. Recently, the Trump administration announced they may exempt 160+ small refineries from complying with a land credit that would decrease CI scores, boost agriculture production and causing RVO prices to decline from their 2.5 year highs. Will the refinery exemption go into effect and how will RVO prices and their feedstocks react?