Several Refiners Told SEC and Shareholders They Outperformed Their Competition While Claiming Disproportionate Economic Harm When Applying for RFS Waivers 

 

Press Contact: Hannah Love

515-322-0435

 

WEST DES MOINES, IA – Iowa’s Attorney General Brenna Bird, along with the Attorneys General of South Dakota and Nebraska, sent a joint letter today to several federal agencies to investigate refiners that could be misleading regulators to seek exemptions of the Renewable Fuel Standard program (RFS). 

The letter notes that of the 140 full or partial RFS refinery exemptions (SREs) the EPA granted in its 2025 notice, several of these refiners are communicating to shareholders and the U.S. Securities and Exchange Commission (SEC) that they are “economically thriving.” 

“These statements made in public to financial regulators and investors appear to be inconsistent with what must be contemporaneous statements of disproportionate hardship to environmental regulators. Both strong economic results and disproportionate economic hardships cannot coexist,” stated the Attorneys General in the letter. 

“IRFA applauds Attorney General Bird for leading the effort to bring this potentially illegal situation to light,” said Monte Shaw, Executive Director of the Iowa Renewable Fuels Association. “In a time when crop prices are low and increased biofuels usage is a key solution, it is deeply troubling to see what appears to be an attempt by some oil refiners to game the system and avoid their legal requirements under the RFS. We are fully behind Attorney General Bird’s call to investigate these conflicting claims.” 

The Midwest Attorneys General letter was directed to the Environmental Protection Agency, Department of Energy, Department of Justice, and the Securities and Exchange Commission. 

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The Iowa Renewable Fuels Association represents the state’s liquid renewable fuels industry and works to foster its growth. Iowa is the nation’s leader in renewable fuels production with 42 ethanol refineries capable of producing 4.7 billion gallons annually – including 34 million gallons of annual cellulosic ethanol production capacity – and 10 biodiesel facilities with the capacity to produce 416 million gallons annually. For more information, visit the Iowa Renewable Fuels Association website at: www.IowaRFA.org.