Jul 5, 2017

EPA issues ethanol-friendly fuel proposal

Nati Harnik / AP

The EPA issued a new proposal Wednesday for biofuel quotas, including...

  • Dropping targets for alternative biofuel (cellulosic and advanced biofuels) to 19.24 billion gallons in 2018 from 19.28 billion this year, per The Hill.
  • Requiring U.S. refiners to use 15 billion gallons of renewable fuels in 2018 — that's the same as the 2017 requirement, per Bloomberg.

Breaking that down: The oil camp wanted smaller quotas, so Midwest corn farmers and biofuel producers are feeling pretty good right now, although they had hoped for higher quotas for alternative biofuels. Plus, this fulfills Trump's campaign promises to support ethanol, which he said was "under siege" just a few weeks ago.

Why it matters: These quotas affect industry dynamics and have implications for the environment. The announcement also reflects Iowa's outsized influence, as ethanol is always a major issue in the presidential caucus. The EPA will be taking public comment on the issue before its November deadline.

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Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.

Better-than-expected jobs report boosts stock market

Data: Yahoo Finance; Chart: Axios

The S&P 500 jumped nearly 3% on Friday after a stronger-than-expected May jobs report showed that an economic recovery could be underway.

The state of play: Stocks have rallied since the worst of the coronavirus sell-off ended in late March and looked past a spate of ugly economic reports — not to mention civil unrest.