new york u.s. senator ted cruz want place cap 10 cents renewable fuel credit fraction current value help u.s. refiners cope nation biofuels policy accord document view reuters thursday proposal mark late step talk mediate white house oil industry backers rival ethanol industry renewable fuel standard refiners claim comply law know rfs cost hundreds millions dollars year could put business introduce decade ago help farmers cut oil import reduce emissions rfs require refiners blend increase amount biofuels u.s. fuel supply every year purchase credit call rins company blend instead congress members corn state week ask cruz texas republican lawmakers ally refine industry offer specific proposals could low credit cost without injure rfs program defend fiercely midwestern state like iowa nebraska cruz proposals call u.s. environmental protection agency administer rfs sell fix price waiver credit 10 cents would satisfy categories renewable fuel standard senator also propose form work group administration officials lawmakers stakeholders devise longer-term solution proposals circulate administration officials price renewable fuel d6 credit trade roughly 70 cents friday 74 cents early week low level since early october credit trade 90 cents end november officials offices cruz white house immediately respond request comment proposal officials iowa senators chuck grassley joni ernst decline comment say cruz office yet contact proposals ethanol industry say past place cap credit non-starter instead argue policies increase volumes ethanol u.s gasoline supply claim would boost supply credit low price ted cruz backers seem take white house seriously president trump vow protect rural america brooke coleman executive director advance biofuels business council say release friday accompany letter sign 85 supporters biofuels industry urge white house protect program rfs introduce president george w. bush foster market ethanol amount 15 billion gallons year refiners like philadelphia energy solutions monroe energy pennsylvania along texas giant valero energy corp lack adequate facilities blend biofuels products valero put cost comply rfs around 750 million last year exclusive senator cruz want cap renewable fuel credit 10 cents document