Trump Preparing Executive Order to Stabilize U.S. Fuel Prices: "Not a Strait of Hormuz Problem"

[Financial News] With the November midterm elections approaching, U.S. President Donald Trump, who is focusing on stabilizing fuel prices, is preparing various executive orders to lower diesel prices. At the same time, he argued that rising gasoline prices were unrelated to the war involving Iran.
Politico reported this on the 5th, local time, citing officials in the Trump administration. President Trump is expected to mention the measures at a midterm-election campaign rally in Nebraska that day. Politico explained that the new executive order would include a review of certain taxes imposed on diesel. It is also reportedly set to expand states' access to diesel for agricultural and construction machinery, which is exempt from the federal fuel tax, while postponing crackdowns on misuse.
When asked at the White House on the 5th whether he planned to ease restrictions on the use of diesel for agricultural and construction machinery, Trump replied, "Yes. We will help them with the diesel issue," adding, "We are doing a lot for farmers."
According to the American Automobile Association (AAA), the average retail price of diesel in the United States stood at $6.32 per gallon (3.78 liters) as of the 5th, still higher than the $3.69 recorded a year earlier. The average gasoline price on the 5th was also $4.36 per gallon, well above the $3.13 recorded a year earlier.
The United States was the world's largest diesel exporter last year, but it has been unable to control diesel prices as crude oil prices rose due to disruptions to shipping through the Strait of Hormuz caused by the war involving Iran. Trump also mentioned possible restrictions on diesel exports last month.
Gasoline prices, too, have not escaped the impact of the war involving Iran. However, Trump posted on Truth Social on the 5th, "What is driving gasoline prices higher is no longer the Strait of Hormuz. That's because record numbers of barrels of crude oil are now coming out almost every day," he claimed.
He stressed, "The problem is the refineries themselves. Russia's refineries are being blown up by Ukraine, while our refineries are being shut down by stupid Democrats in Democratic-leaning states such as California." On the 15th of last month, Trump also claimed, "The rise in global diesel prices is mainly due to the war between Russia and Ukraine, not Iran." On the 21st of the same month, he said, "Russia has unfortunately lost control of its diesel industry because of the war with Ukraine," and called for an end to the war.


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