Trump to Sign Order to Lower Diesel Costs
President Trump to take executive action to reduce diesel fuel prices amid rising costs.
2 min read
President Donald Trump is set to sign an executive order aimed at lowering diesel fuel costs, according to a report by Politico. The order, which is expected to be issued on Monday, will direct the Treasury Department to review taxes that contribute to the high consumer price of diesel fuel.
The executive order will also urge states to increase the supply of tax-exempt red-dyed diesel, a type of fuel used in farming, construction, and other critical sectors. This move comes as part of an effort to alleviate the financial burden on industries reliant on diesel fuel.
The report states that the order has been under development for a week and will be announced at a campaign rally in Nebraska. The decision is part of a broader strategy to address the impact of rising fuel prices on American businesses and consumers.
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Recent geopolitical tensions, including the war with Iran and Ukrainian attacks on Russia, have disrupted oil supplies and contributed to higher diesel prices. As of Monday, the average price of diesel fuel, according to AAA, was $6.32 per gallon.
Some 10 states, representing about a third of all diesel sales, have already taken steps to cut taxes or allow wider use of dyed diesel. Patrick De Haan, head of petroleum analysis for GasBuddy, noted that federal actions could save truckers approximately 60 cents per gallon.
“Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately…” – President Donald J. Trump https://t.co/SkU8ANK7ev
While the policy being rolled out does not ban the export of American diesel, exports have been rising under the Trump administration. However, the current order does not include a ban on shipping diesel overseas. Last week, the G7 countries announced they would release 100 million barrels of diesel, according to Reuters.
Source: The Gateway Pundit
