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.