![Delivering Alpha - Season 2016 Carl Icahn, Icahn Enterprises Chairman during his keynote at the 6th annual CNBC Institutional Investor Delivering Alpha Conference on Tuesday, September 13, 2016 at the Pierre Hotel in New York.](https://api.time.com/wp-content/uploads/2016/12/carl-icahn-donald-trump-adviser.jpg?quality=85&w=2400)
Billionaire Carl Icahn stands to make millions of dollars if the Trump administration pushes through an ethanol policy currently under consideration, according to reports.
Icahn, who owns an 82% stake in oil refiner CVR Energy, has spent the past several days in discussions with the administration about modifications to implementation of the Renewable Fuel Standard, Bloomberg reports. The value of Icahn’s stake in CVR rose more than $125 million earlier this week on news that his proposal was under consideration, though he lost some of the gains later in the week.
President Donald Trump has offered repeated support for the Renewable Fuel Standard despite opposition from many energy interests. Still, his administration has remained open to modifications.
Under the measure, refiners are required to ensure their product includes a certain proportion of biofuels. Icahn has proposed moving that requirement away from refiners to blenders. He also defended the move in an email to Bloomberg by describing it as a “quintessential example of the type of insane regulations throttling our economy.”
Icahn, an early supporter of Trump’s presidential candidacy and now unpaid adviser, is currently advising the Trump administration on deregulation.
More Must-Reads from TIME
- Biden Drops Out of Presidential Race , Endorses Harris to Replace Him
- Why Biden Dropped Out
- The Chaos and Commotion of the RNC in Photos
- Why We All Have a Stake in Twisters’ Success
- 8 Eating Habits That Actually Improve Your Sleep
- Stop Feeling Bad About Sweating
- Welcome to the Noah Lyles Olympics
- Get Our Paris Olympics Newsletter in Your Inbox
Write to Justin Worland at justin.worland@time.com