Write-offs, Trump signs order allowing road use of tax-exempt dyed diesel
Landon Capital News
U.S. President Donald Trump on Monday signed an executive order opening up general access to a tax-exempt, red dyed diesel as oil supply disruptions sent American fuel prices soaring.
The order defers the payment of Federal excise tax imposed for the on-road use of dyed diesel fuel for the remainder of the year, a White House factsheet showed on Monday evening.
Dyed diesel– typically colored red– is a tax-exempt fuel used mainly for farming and is banned from use on American highways. The fuel is almost chemically identical to on-road diesel, with the coloring intended as a tax-enforcement marker.
Trump’s exemption comes as U.S. diesel prices surged to record highs due to supply disruptions stemming from the Middle East and interruptions in refining due to the Russia-Ukraine war.
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