US Diesel Futures Fall 2.6% After Trump Defers Red Diesel Road Tax Through Year-End, Relief Seen Limited
JH Kim
Summary
- US diesel futures fell after President Trump deferred the federal excise tax on the road use of red diesel through year-end.
- The deferred federal excise tax could later be waived.
- NYMEX diesel futures fell 2.6% to $4.4295 a gallon.
Forecast Trend Report by Period
US diesel futures fell after President Donald Trump deferred taxes on the road use of red diesel through the end of the year.
Walter Bloomberg reported on October 6 that Trump temporarily allowed a deferral of the federal excise tax imposed when red diesel is used on roads through year-end. The deferred federal excise tax could later be waived.
Ritterbusch and Associates said the measure could ease some of the burden from diesel prices, but would not address the underlying problem of supply disruptions through the Strait of Hormuz.
NYMEX diesel futures fell 2.6% to $4.4295 a gallon.
JH Kim
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