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LONDON, Dec 1 (Reuters) - Even by the standards of a deep-cyclical industry, the "golden age" of oil refining has proved remarkably brief, lasting no more than three years, before giving way to a new dark age.
The federal Renewable Fuels Mandate kick-started ethanol production, and in a shorter time than expected, US ethanol refineries were up and running and demanding corn at record-setting volumes.
The Environmental Protection Agency has placed the 2009 renewable fuel standard (RFS) at 10.21% for 2009. This effectively will require at least 11.1 billion gallons of renewable fuels be added to gasoline. Of these 11.1 billion gallons, 10.5 billion must be produced from feed grain-based ethanol.
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