NEW YORK (Reuters] – On Friday, the U.S. Environmental Protection Agency approved an emergency waiver that allowed summertime sales for a gasoline mixture higher in ethanol. This was done to reduce gasoline prices at pump.

This is a temporary victory for both the corn farmers and biofuels industries, since it will increase sales of corn-basedethanol. It also represents a setback to oil refiners who see ethanol as a threat.