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In win for Big Oil, US proposes biofuel mandate cut

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Reuters

WASHINGTON — The Obama administration proposed on Friday slashing federal requirements for U.S. biofuel use in 2014, bowing to pressure from the petroleum industry and attempting to prevent a projected fuel crunch next year.

The move was seen as a clear win for oil refiners and a loss for biofuel producers. It followed a prolonged lobbying blitz on both sides of the issue.

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