Facing Closures, Oil Refiners Turning To Biofuels

In the United States, demand for biofuel is also set to grow rapidly in the coming years due to new fuel quality regulations in states including California. It is set to reach 2 billion gallons per year by 2025 from 21.4 million gallons currently consumed every year, according to Morgan Stanley.

The gap between demand and supply in the United States could lead to a supply shortfall of about 450 million gallons per year, meaning it will need to import biofuels, Morgan Stanley said.

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