The U.S. EPA today finalized the 2018 Required Volume Obligations (RVOs) for biofuels under the Renewable Fuel Standard (RFS). This is the fifth consecutive year that they have been higher than the proposed levels, although this year’s increase was quite slight at 50 million gallons.

Ethanol The implied conventional mandate for corn ethanol remains at the statutory maximum of 15 billion gallons. The U.S. Energy Information Administration’s (EIA’s) November Short-Term Energy Outlook (STEO) pegs ethanol blending next year at 14.7 billion gallons. That would be a blend rate of 10.25 percent, a record high and the fifth consecutive year of growth. WPI is forecasting 2018 ethanol production will exceed 15.8 billion gallons,...