U.S. refiners must blend about 16.55 billion gallons of renewable fuels with conventional gasoline this year, according to the Environmental Protection Agency. The revised standards are eight months late, but the agency extended the compliance deadline by four months. "While the administration acknowledges that higher ethanol mandates are unworkable by suggesting a new approach for the 2014 standards, EPA missed an opportunity to fix the problem this year," said Jack Gerard, president and CEO of the American Petroleum Institute.

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