Trump Plans Wider Use of Tax-Exempt Diesel to Lower Costs

Trump plans to expand the use of tax-exempt diesel in an effort to bring down fuel costs ahead of congressional elections.

The proposed move comes amid a global fuel crisis driven by disruptions to refining and shipping, putting pressure on supplies and costs.

Wider access to tax-exempt diesel would target the tax component of fuel costs. The summary provided no details on the scope of the planned expansion or when it would take effect.

Meanwhile, the Group of Seven and its partners are moving toward releasing 100 million barrels from emergency reserves as part of efforts to address the supply crisis.

The planned measures take different approaches to easing the pressure: expanding tax exemptions to reduce diesel costs and drawing on emergency stocks to bolster available oil supplies.