REX American Resources Corporation (NYSE: REX), a leading ethanol company, today praised the decision by the U.S. Environmental Protection Agency (EPA) to uphold the current corn ethanol requirement of the Renewable Fuel Standard (RFS).
The EPA stated its renewable-fuel standard was not causing severe economic harm and that its analysis with the USDA had determined that suspending the standard would reduce corn prices by only 1%. The EPA’s ethanol purchasing mandate stipulates that 13.2 billion gallons of ethanol be blended with gasoline in 2012, with that figure rising to 13.8 billion gallons in 2013.
REX CEO, Stuart Rose, commented, “Today’s EPA decision is welcomed news by consumers looking for more affordable options when filling up at the pump, as well as by all of us concerned with improving energy independence, deficit reduction and national security for the U.S. and continuing on the path of environmental progress. We applaud the EPA’s decision and view this result -- along with the built-in flexibility in the RFS allowing the ethanol industry to adapt output to market conditions -- positively in anticipation of the discussions over the RFS set to take place in Congress next year.”
About REX American Resources CorporationREX American Resources has interests in seven ethanol production facilities which in aggregate shipped approximately 710 million annualized gallons of ethanol over the twelve month period ended July 31, 2012. REX’s current effective ownership of the trailing twelve month annualized gallons shipped (for the period ended July 31, 2012) by the ethanol production facilities in which it has ownership interests is approximately 253 million gallons. Further information about REX is available at www.rexamerican.com.
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