John Bullock: Well, obviously, the Inflation Reduction Act being passed is a huge trigger in relationship to that. We have been going through — when we make capital investments in this area, we’re kind of the only guys in the renewable space that actually come in on time and on budget or ahead of time and on budget. We’re very careful. Our partners, Valero, worked through an extremely careful capital deployment process in which we understand our cost and what we’re going to do, so the plan will work. We were at the point where we had completed that, and we were waiting for the right policy signals. And we saw that with the Inflation Reduction Act. But more than that, I think what we see now is a total commitment from the airline industry here and around the world saying that they need SAF.
And when we looked around the marketplace and said, where is the real gallons of SAF, we came to the conclusion that we could be one of the few suppliers out there that’s actually not selling phantom gallons. And so we just thought it was an excellent time to put ourselves in a position to begin the discussion with airline partners and other partners who fly packages around the world who may want to be the guys that were able to back up their claims about SAF, usage of SAF. We think the timing is perfect. It seemed like the right time to go on Port Arthur.
Benjamin Bienvenu: Okay. Great. And then I want to ask just about the tallow markets. Obviously, you talked about the incremental or potential demand associated with RD expansion, but we’re also in a troughing beef cycle, which I would think would further tighten feedstocks available. That should be great for your tallow pricing in your Feed Ingredients business. Can you talk a little bit about what you’re all expecting around the beef cycle and the potential incremental pricing power that could give you guys in your animal tallow business?
Randall Stuewe: Yes, Ben, this is Randy. I mean, clearly, what we once saw again was the fragility of the global, what I’m going to call, waste fats or animal fats business. Remember, if you take the bushel of corn, even at $6 or $7 a bushel, divide by 56 times 3.25, it says waste fats are worth about $0.40, $0.45 in a feed ration. So once we went offline with the turnaround, once DGD 3 wasn’t able to unload as quickly as we wanted to, once Neste went down, once the — all of a sudden, you put, as I always call it, to the supply chain team, we put an air bubble in the IV line again in the supply chain. That will remedy itself. It has to, and it will happen very quickly. I mean, you saw palm oil. Remember, this is a global business.
For the — we were so proud that we finally achieved parity with global fat and oils to the side. And then we found out how fragile they are again. But at the end of the day, you can’t stay a big premium to palm oil for a long time. And you can’t stay a big premium to soybean oil, and U.S. soybean oil can’t stay a big premium to the rest of the world unless you’re going to build the RD capacity and it’s truly running. And what you’ve seen out there is what we’ve been telling you, we don’t see the RD capacity. It may have some steel up, and some of it may run at reduced rates. So I mean, clearly, like I said, you can’t have it both ways. On the animal side number, the poultry numbers are still very strong. The porcine or pig numbers are strong.
