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US President Donald Trump is preparing an executive order aimed at expanding access to tax-exempt diesel as his administration seeks to ease record fuel costs ahead of the November 3 elections, according to two people familiar with the plans.
The executive order could be announced as early as Monday and is expected to include several measures designed to increase diesel availability and reduce costs for consumers and businesses.
Diesel prices surged to a record of about $6.50 per gallon last month, creating economic and political pressure for Trump. The fuel is essential to the US trucking and transportation industries, meaning higher diesel costs can raise expenses for moving goods and contribute to broader inflation.
Fuel prices have climbed amid wars in Iran and Ukraine, where attacks on refineries and other energy infrastructure in Russia and the Middle East have tightened global supplies.
One option under consideration would expand access to so-called red dye diesel, a fuel that is exempt from certain taxes because it is generally restricted to agricultural equipment and some off-road vehicles.
A third source familiar with the proposal said Trump's executive order is also likely to instruct the US Department of Transportation to work with states on temporarily waiving taxes applied to diesel used on public roads.
The administration's planned action follows additional international efforts to stabilize diesel supplies and prices.
Group of Seven countries announced last week that they would release 100 million barrels of diesel after pressure from Trump, who had considered restricting US diesel exports as domestic prices climbed.
However, questions remain over how much of the announced G7 release represents additional diesel entering the market. Some of the supply could count toward commitments already made under a global agreement reached in March.
The executive order could provide Trump with another tool to address elevated energy costs ahead of the elections while attempting to limit the impact of global supply disruptions on US transportation, businesses and consumers.
Bloomberg previously reported Trump's plans for the diesel executive order.
