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.

Go deeper

Bob Woodward: "I was not going to hide" my opinion on Trump

Bob Woodward didn't want to join Senate Republicans in privately condemning President Trump but declining to do so publicly, he told Jonathan Swan in an interview for "Axios on HBO."

Why it matters: Woodward has covered 9 presidents, but Trump is the first that Woodward explicitly described as "the wrong man for the job."

Watch the full Jonathan Swan interview with Bob Woodward

In the latest episode of "Axios on HBO," Jonathan Swan interviews Bob Woodward about his new book, "Rage," which was based on 19 interviews with President Trump.

3 hours ago - Science

3 dead and thousands evacuated as Northern California fires explode

A building at the Meadowood Napa Valley luxury resort burns after the Glass Fire moved through the area on September 28, 2020 in St. Helena, California. Photo: by Justin Sullivan/Getty Images

Three people have died in a wildfire in Northern California and tens of thousands were evacuated across the state, as firefighters contended with strong winds and dry conditions that saw blazes explode across the state on Monday.

Driving the news: Shasta County Sheriff Eric Magrini confirmed the deaths occurred as the Zogg Fire spread across 15,000 acres, forcing the evacuation of 1,200 people. More than for 5o,000 people, per AP.