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“EPA has acknowledged that it has granted several small refinery exemptions from the RFS. Any Chevron refinery not exempted from the RFS would be at a disadvantage in the highly competitive markets where we operate,” the company said in an emailed statement. The EPA did not immediately respond to requests for comment. Refineries with a capacity less than 75,000 barrels-per-day can receive waivers from the RFS if they prove compliance would cause them disproportionate hardship. Chevron’s Salt Lake City, Utah, plant is 54,000 barrels-per-day.
The EPA, under President Donald Trump, expanded the waiver program, awarding 29 exemptions for the 2017 calendar year, up from 19 in 2016 and just seven in 2015, EPA data shows, The EPA has attributed the program’s expansion to a lawsuit brought by two oil refiners who challenged the EPA’s denial of their waiver request, A federal judge ruled the EPA was using too narrow of a test to evaluate applications, Biofuel backers say the expansion was politically driven by former EPA administrator Scott Pruitt, who sought ways to lower compliance costs for refiners, The Chevron approval was granted under Pruitt, aqua blue rollers cufflinks the source said..
NEW YORK (Reuters) - U.S. stocks extended their selloff on Tuesday, with the S&P 500 hitting a three-week low, as energy shares dropped with oil prices and retailers including Target and Kohl’s sank after weak earnings and forecasts. The S&P 500 and Dow slipped into negative territory for the year, and the Nasdaq fell to its lowest level in more than seven months. The Dow Jones Industrial Average .DJI unofficially closed down 2.22 percent, the S&P 500 .SPX was off 1.82 percent and the Nasdaq Composite .IXIC was last down 1.67 percent.
MARK KEPNER, EQUITY TRADER, THEMIS TRADING, CHATHAM, NEW JERSEY, “Despite what has been a pretty good earnings season, people are looking ahead to next year and are worried about a slowdown, Might the Fed be as aggressive as they have been? Although they’ve been slow and measured, the consensus is that we’re starting to slow down, Maybe aqua blue rollers cufflinks the U.S, is starting to catch up to the rest of the world’s economies, Those markets have lagged this year, Until recently, we’re been the standout, So the question becomes, When do those come together? Does the rest of the world catch up with us, or do we look like the rest of the world?”..
QUINCY KROSBY, CHIEF MARKET STRATEGIST, PRUDENTIAL FINANCIAL, NEWARK, NEW JERSEY. “It’s the market adjusting to an early 2019 that looks different from the months of 2018 in that there have been mounting concerns over global growth. U.S. growth is not weakening dramatically but slowing. There’s concerns over the Federal Reserve and its rate hike trajectory….Add to that concerns over tariffs and whether or not the U.S. and China can reach an agreement over the short to medium term, and that’s feeding into a consensus that the market needs to reprice at a lower multiple in order to withstand a different environment in 2019.”.
ROBERT PAVLIK, CHIEF INVESTMENT STRATEGIST AND SENIOR PORTFOLIO MANAGER, SLATESTONE WEALTH LLC, NEW YORK, “It’s a combination of all of the various concerns coming together to force investors out of the overall market, There was an initial wave of selling and you might claim that was yesterday, and then people watch the news, they read the paper and it festers within their brains and the next morning the selling aqua blue rollers cufflinks pressure begins to mount.”, MATTHEW KEATOR, PARTNER, THE KEATOR GROUP, LENOX, MASSACHUSETTS..
“You can make an argument that the tax effect is a front-end-loaded type of deal. What’s happening now is more about uncertainty. Uncertainty about the Fed but also uncertainty with regards to trade. On earnings calls recently there were 10 percent or less of the companies had any sort of commentary on tariffs or trade. But it’s the uncertainty that’s out there that the markets are preparing for. And uncertainty is when fear creeps in. And fear is a much stronger emotion than greed. Which is one of the reasons that’s driving the VIX higher and higher.”.
“Volume does have an effect, We do have a holiday week, It’s typically a quieter week in terms of trade volume and that’s going to exaggerate things on the up or the downside.”, DOUG BIBEN, FOUNDER AND PORTFOLIO MANAGER, BCM, LOS ANGELES, “There is lots of bad news hitting the tape all at once in a nervous market, Boeing cancelling their conference call was a bad aqua blue rollers cufflinks surprise for nervous investors, The Goldman Sachs downgrade of Apple … analysts have lost a lot of credibility on Apple, Margin calls in FANG stocks are weighing on shares, Facebook going green is bullish and wouldn’t be surprised to see an afternoon rally in tech after the margin selling has been alleviated.”..