Add US EPA Says it is Auditing Biofuel Producers' Pre-owned Cooking Oil Supply

US EPA Says it is Auditing Biofuel Producers%27 Pre-owned Cooking Oil Supply.-.md

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+<br>By Leah Douglas<br>
+<br>Aug 7 (Reuters) - The U.S. Environmental Protection Agency has actually [released examinations](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) into the supply chains of at least 2 eco-friendly fuel producers amid industry issues that some may be using deceitful feedstocks for [biodiesel](https://www.crunchbase.com/organization/mission-newenergy) to protect rewarding federal government [subsidies](https://www.zoominfo.com/c/mission-newenergy/346542889).<br>
+<br>EPA spokesperson Jeffrey Landis informed Reuters that the company has actually launched audits over the past year, however [declined](https://pitchbook.com/profiles/company/51278-86) to determine the business targeted since the investigations are continuous.<br>
+<br>The production of [biodiesel](https://www.businessnews.com.au/Company/Mission-NewEnergy) from [sustainable](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) ingredients, like utilized cooking oil, can earn refiners a [variety](https://forest500.org/rankings/companies/mission-newenergy-limited) of state and federal ecological and environment subsidies, [including tradable](https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm) credits under a program administered by the EPA called the Renewable Fuel [Standard](https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm). But [worries](https://www.google.com/search?kgmid=/m/0cqd_rb) have been mounting that some supplies labeled as utilized cooking oil are actually less expensive and less sustainable virgin palm oil, an item that is associated with logging and other ecological damage.<br>
+<br>The concern entered into focus following a rise in [utilized cooking](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) [oil exports](https://www.marketscreener.com/quote/stock/MISSION-NEWENERGY-LIMITED-178469/company/) from Asia in the last few years that experts have actually said involves unrealistically high volumes relative to the quantity of [cooking oil](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) utilized and recuperated in the region. The European Union is likewise investigating feedstocks over the [fraud concerns](https://pitchbook.com/profiles/company/51278-86).<br>
+<br>The EPA audits began after the firm updated domestic supply-chain [accounting requirements](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) in July 2023 for renewable fuel manufacturers seeking to make credits under the RFS, he stated.<br>
+<br>"EPA has carried out audits of renewable fuel manufacturers since July 2023 that includes, to name a few things, an assessment of the locations that used cooking oil used in eco-friendly fuel production was collected," he stated. "These investigations, nevertheless, are ongoing and we are unable to talk about ongoing enforcement examinations."<br>
+<br>U.S. senators from farm states have required more oversight of [biofuel](https://stocktwits.com/symbol/MNEL) feedstocks, stating federal companies need to be as rigorous in [verifying imports](https://www.crunchbase.com/organization/mission-newenergy) as they are [auditing domestic](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) supply chains.<br>
+<br>"The Biden administration has produced energetic requirements to confirm, not simply trust, American manufacturers, and it is vital that the very same examination is used to imported feedstocks," six U.S. senators, led by [Roger Marshall](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) and  Brown, wrote in a June 20 letter to federal companies.<br>
+<br>Another letter from 15 senators to the Treasury Department on July 30 advised the administration to leave out imported feedstocks like UCO from an [extra clean](https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm) fuel tax credit program passed in the Inflation Reduction Act. (Reporting by Leah Douglas in Washington [Editing](https://www.google.com/search?kgmid=/m/0cqd_rb) by Richard Valdmanis and Matthew Lewis)<br>