Photo by Spencer Platt/Getty Images

Philadelphia Energy Solutions, the East Coast's oldest and largest oil refinery, said that it will file for Chapter 11 bankruptcy protection, as part of a structuring that includes $260 million in new financing from creditors and existing owners like The Carlyle Group. Current operations are not expected to be affected.

Why it matters: The bankruptcy is certain to fuel a political fight over the Renewable Fuel Standard, the national biofuels mandate that independent refiners say is imposing burdensome costs.

Philadelphia Energy Solutions said it has spent over $800 million on compliance credits to meet RFS requirements and that it has been the company's biggest expense after crude oil purchases.

It also has been regularly highlighted as an example of private equity saving (and adding) old-line, union jobs — based on Carlyle's purchase of a majority stake in 2012 from Sunoco.

The company's bankruptcy comes as independent refiners and allied lawmakers are already pressing the Trump administration for RFS changes that ease the industry's costs.

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Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.

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President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.

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