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Big Corn and Big Oil have been dueling over the future of the Renewable Fuels Standard, which requires oil refiners to mix biofuels like corn-heavy ethanol into their fuel. The Renewable Fuel Standard requires refineries to blend increasing volumes of biofuels into their fuel each year. The proposed plan would include an increase to biofuels requirements for 2020 of 1 billion gallons (3.8 billion liters) and the agricultural industry wants the administration to force larger refineries to make up for the exempted gallons through reallocation. The proposed plan, discusses 500 million gallons for conventional biofuels and 500 million gallons for advanced biofuels (like biodiesel).

Oil prices edged lower on Tuesday after a key U.S. manufacturing report dimmed the outlook on the manufacturing industry and invoked lingering fears of a global recession.

What Happened

Oil markets have been trading lower all day today even after yesterday’s sell off on continued fears of a global economic slowdown exasperated by the trade war and unrest in Hong Kong.

According to reports, Iran is quickly going to breach the Uranium-stockpile limit set by the current nuclear deal.  President Hassan Rouhani of Iran has already warned that a new deal needed to be in action by Sunday June 7, 2019 or the Islamic Republic will increase enrichment of Uranium.  Globally, there is much concern with the growth rate of Iran’s uranium cache, because they are just a step away from weapon-grade levels of uranium.