President Trump is preparing an executive order to widen access to tax-exempt diesel, with an unveiling possible as soon as Monday. The move follows diesel prices that hit a record near $6.50 a gallon last month, a risk to Trump ahead of the Nov. 3 elections.
Donald Trump is preparing an executive order to expand access to tax-exempt diesel, with two sources familiar with the matter saying an unveiling could come as soon as Monday.
Diesel prices shot to a record of about $6.50 a gallon last month. That is a risk for Trump ahead of the Nov. 3 elections. Prices for the fuel integral to trucking goods have risen because of the wars in Iran and Ukraine, which have led to attacks on refineries in Russia and the Middle East.
The order is expected to contain a variety of ways to expand diesel access, which could include making more red dye diesel fuel available — fuel used by the agriculture industry and by some off-road vehicles, according to the sources. A third source said the order will likely direct the US Department of Transportation to coordinate with states to waive taxes on road diesel. Bloomberg first reported the news on the executive order.
Last week, G7 countries announced they would release 100 million barrels of diesel, after pressure from Trump, who had considered banning US exports of the fuel. It was not clear how much of that release would be entirely new supplies or compliance with a global agreement reached in March.
Source: Investing.com (Reuters)
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