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Global Markets: Trump to discuss U.S. biofuels policy

By Commodity News Service Canada
WINNIPEG, Feb. 27, 2018 (CNS) – The following is a glance at the
news moving markets in Canada and globally.
United States President Donald Trump will meet with
senators and Cabinet officials today to discuss new ways to
lower the cost of the nation’s biofuels policy to oil refiners.
The meeting reflects rising concern in the White House over the
current state of the U.S. Renewable Fuel Standard, a law
requiring refiners to mix biofuels such as corn-based ethanol

into their fuel, after a Pennsylvania refiner blamed the
regulation for its recent bankruptcy.
An annual report released by the White House and signed off
by Trump contradicts his views on trade. The president regularly
bemoans a trade deficit with Canada, however in the newly
released 2018 White House “Economic Report of the President” it
proves the U.S. benefits from trade and that states along the
borders are the biggest winners from the North American Free
Trade Agreement.
The U.S. is expected to overtake Russia as the world’s
biggest oil producer by 2019 at the latest, the International
Energy Agency announced Tuesday, as the country’s shale oil boom
continues to upend global markets. The U.S. Energy Information
Administration said earlier this month that the U.S. output
would exceed 11 million barrels per day by late 2018, which
would take it past Russia.

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