SaveSave story
Icahn cuts regulation β€” and saves own company $200M
Bread for the World / AP

Carl Icahn, Donald Trump's special advisor for deregulatory efforts, has successfully pushed the ethanol lobby to adopt a regulatory change that it opposed, but which will save his refinery company more than $200 million annually, according to The Intercept.

The renewable fuel standard will now require wholesalers β€” instead of refiners β€” to produce gasoline with a minimum volume of renewable sources. The previous regulation cost Icahn's company, CVR Energy, millions last year since it doesn't have the capabilities to blend ethanol to meet the minimum, and instead had to buy renewable fuel credits.