Important Announcement Signal from US President Trump Regarding Diesel Fuel Prices

US President Donald Trump stated in his speech at the Columbus Day event held at the White House that they will make an important announcement regarding diesel fuel and noted that they will resolve the issue.

Statements at the Columbus Day Event

US President Donald Trump gave a speech at the White House on the occasion of Columbus Day, celebrated to mark the discovery of the American continent by the Italian explorer Christopher Columbus. Touching upon the issue of diesel fuel in his speech, Trump stated that they will soon make a major announcement regarding this matter.

Diesel Issues and Price Status

Stating that they have important news regarding the diesel issue, US President Trump argued that they would pursue the matter and solve this business. Claiming also in his speech that they prevented Iran from acquiring nuclear weapons, Trump expressed that prices will drop rapidly and the process will soon come to an end.

Diesel Prices in America

According to American Automobile Association data, the average gallon price of diesel in the country had reached a record level of $6.53 on September 22. The said average price was recorded as $6.28 as of October 9.

Tax and Fuel Measures Taken

Taking action against rising diesel prices, US President Trump had signed a new decree on October 5. In line with the decision taken, red-dyed diesel fuel consumed in off-road vehicles was temporarily permitted for use on highways, and the payment of the federal excise tax was postponed until the end of the year.

G7 and International Reserve Decisions

On the other hand, leaders of the G7 countries had also taken a joint step to ensure stability in global energy markets. The leaders decided to release a total of 100 million barrels from diesel and other petroleum reserves within four months under the coordination of the International Energy Agency.