The Obama administration is likely to partly backtrack on proposed steep cuts to renewable fuel targets for 2014 when it finalizes a rule due out in June, industry sources said. Biofuel groups expect the Environmental Protection Agency to send the final proposed targets to the White House as soon as Friday. The EPA shocked biofuel supporters in November with a draft rule that slashed federal requirements for biofuel use in gasoline and diesel. The agency argued that U.S. energy class="mandelbrot_refrag"> markets could not absorb the levels of class="mandelbrot_refrag"> renewable fuels that would be required by a 2007 law. true Since then, though, rising projections for gasoline consumption give the agency leeway to raise its corn ethanol target from November's proposal of about 13 billion gallons to about 13.6 billion, a biofuel industry source said. The more gasoline consumed, the more ethanol that can be absorbed before hitting the &quo