U.S. proposes cutting total biofuels requirements in 2018

By Chris Prentice, Jarrett Renshaw and David ShepardsonNEW YORK (Reuters) - The U.S. government on Wednesday proposed to reduce the volume of biofuel required to be used in gasoline and diesel fuel next year as it signaled the first step toward a potential broader overhaul of its biofuels program.The U.S. Renewable Fuel Standard, or RFS, requires increased volumes of renewable fuels each year, but the proposal would keep targets for use of conventional biofuels at current levels.The agency has b