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Trump adviser Icahn saves $60M from expected rule change: report

Trump adviser Icahn saves $60M from expected rule change: report
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White House adviser Carl Icahn’s oil company saved $60 million in the first quarter of 2017 as a result of an expected policy change that eases regulations, Bloomberg reported Wednesday.

As a special regulatory adviser to President Trump, Icahn has advocated for policy changes that would benefit his oil refining company, CVR Energy Inc.

Richard Painter, a former White House ethics counsel under President George W. Bush, told Bloomberg that Icahn’s role presents “a clear conflict of interest.”

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The Environmental Protection Agency is expected to alter the Renewable Fuel Standard rules, which require the use of biofuels in gasoline. The change would put the onus on fuel blenders, rather than refiners, to comply with regulations on buying biofuel credits. 

Icahn’s refiners delayed purchasing credits until the fall, expecting their value to fall. They have dropped 19 percent since Election Day, according to Bloomberg.

Earlier this month, eight Democratic senators requested government regulators investigate Icahn for allegedly using his position and information unavailable to the public to conduct insider trading and manipulate the renewable energy markets.

"We are writing to request that your agencies investigate whether Carl Icahn violated insider trading laws, anti-market manipulation laws, or any other relevant laws based on his recent actions in the market for renewable fuel credits," the senators wrote at the time.

"We have no way of knowing at this time whether Mr. Icahn made any of his renewable fuel credit trades or decisions about trades based on material, non-public information or otherwise manipulated the market,” they continued.