BLOOMINGTON, Ill. — The U.S. EPA has sent the 2014 Renewable Fuel Standard (RFS) final rule to the White House Office of Management and Budget (OMB) for review.

Though the deadline to reveal the 2014 RFS passed some nine months ago, the OMB has 90 days to review the final RFS rule, placing a potential approval announcement sometime after the Nov. 4 national midterm elections.

The EPA’s original recommended volume obligations (RVOs) for the 2014 RFS called for a large reduction in corn ethanol along with no increase in biofuel production. The RVOs were applauded by the oil industry. Some 340,000 public comments – many from corn farmers and environmentalists – were received by the EPA regarding its original RVOs for renewable fuels.

"While OMB has up to 90 days to review this rule, what is most important is the content of the final rule," stated Growth Energy CEO Tom Buis. "Ultimately, this final rule should promote the policy goals of the RFS and call for an increase in the production of renewable fuels, so we can continue to reduce our dependence on foreign oil, create jobs at home that cannot be outsourced and mitigate climate change, while we improve our environment."

Sen. John Thune (R-S.D.) said the final RFS reflects more ethanol production. "I think we’ll see an upward change," he was quoted as saying, according to Illinois Corn. "I hope it’s a significant upward change and I hope that in ‘15 they look at this in a different way."

Speaking Sept. 2 at a Barclays CEO Energy-Power Conference luncheon in New York City, EPA Administrator Gina McCarthy alluded that the final 2014 RFS RVOs for ethanol will increase from the original rule, issued last November.

"You’ll see the numbers will say ... if gasoline sales go up, there is a chance for more renewables to get into the system," McCarthy said, though not directly stating the EPA had adjusted its 2014 RFS RVOs in favor of more ethanol.

Bob Dinneen, president and CEO of the Renewable Fuels Assoc. (RFA), said while he has not been privy to any direct information regarding the EPA’s final RFS rule, he believes the EPA and OMB will fulfill President Obama’s commitment to biofuel.

"This decision is about more than targets and gallons; it is about a rationale that places highest importance on the long-term strength of this country and not the bottom line of oil companies," Dinneen said in a prepared statement.

American Coalition for Ethanol (ACE) Executive Vice President Brian Jennings encouraged the White House OMB to use the full 90-day review period, if necessary, in order to make what he sees as the correct decision.

"ACE members ... continue to encourage the (Obama) administration to finalize a rule that allows the RFS to work by incentivizing oil companies to blend above the E10 limit. Anything short of that turns the keys to the RFS over to the oil companies and puts cellulosic biofuel at risk," Jennings stated. "While all stakeholders have waited a long time for the final rule, and it could take another 30 days or more for interagency review, getting the rule done right is far more important than getting it done quickly."

Some ethanol traders don’t expect the White House to offer an announcement on the final 2014 RFS rule until after the elections. Other stakeholders say that’s not a sure bet, based on past OMB approval processes.

"We would not be surprised if OMB were to replicate last year’s rapid turnaround, particularly if the amount of time EPA devoted to finalizing last November’s proposal corresponds to the degree of vetting that the rule received," ClearView Energy Partners advised clients in a memo. "Should OMB complete its review in 30 days, we would expect the final rule in late September."