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U.S. President Donald Trump announced his intention to relax restrictions on the use of dyed red diesel that is exempt from federal taxes, with the aim of reducing its costs, especially for farmers and transportation companies. This type of diesel is typically used in agricultural equipment and transportation, and its use on public roads is legally prohibited. However, the new plan may allow for broader use on roads, which could help lower fuel prices. Recently, the average price of fuel reached $6.32 per gallon, the highest in years and up 68% from its level in February. These measures come amidst pressure from the Farmers Union to eliminate diesel taxes during the harvest season. They also follow a global diesel supply crisis caused by the war in the Middle East and Ukraine. Since February, global oil inventories have fallen by about 507 million barrels, with emergency stockpiles being drawn down at low prices to support the market.
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