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Major US refiners bet big on renewable diesel

As gasoline demand continues to be weak, America's four largest refiners -- Valero Energy, Marathon Petroleum, HollyFrontier and Phillips 66 -- are doubling down on renewable diesel, an animal fat-based fuel with a lighter carbon footprint compared with petroleum-based diesel. Valero, the No. 2 producer of renewable diesel, has so far invested $1 billion in the production of the fuel, with the potential to generate as much as $1.4 billion in earnings by 2024 from this business.

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