between these two sites you can see the battle field.

Ethanol got a win.. or a reprieve from a loss probably more accurately with the Gap year waivers decision.. 

https://farmpolicynews.illinois.edu/2020/09/president-trump-instructs-epa-to-deny-retroactive-gap-year-sre-small-refinery-exemption-waiver-requests/

However, given the huge hit Ethanol took this year from Covid.. we are still struggling to get back to "normal."




From this site you can see that alternatives to ethanol for Octane at the gas pump remain very competitive.. (if you ignore the health costs from using such Carcinogenic alternatives..???)



Previous waivers allowed Carcinogenic Petroleum alternatives to trade at a premium to ethanol.. that is no longer the case with the reduced demand across the economy.



The Weighted average of Aromatic's at $1.619 is trading just above Ethanol at $1.515 at Houston.. Down from over a Dollar premium this time last year.

Carcinogenic Octane sources are very Cheap vs Ethanol.  And the Oil companies will use their products first.. even if it causes cancer.



Also South America has become very competitive.. so Overall.. Ethanol is facing strong headwinds.





Hanging in there.. but not business as we've come to expect.