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00:02President Trump's executive order, allowing truckers to use off-road diesel on highways
00:06without federal penalties, is unlikely to provide much relief from high fuel costs,
00:11analysts say. According to CNBC, the order defers the 24.4-cent-per-gallon
00:18federal excise tax until the end of the year, while Treasury considers whether to eliminate
00:22the obligation. Off-road diesel is identical to on-road diesel, but dyed red to distinguish
00:27it from taxed fuel because its use in construction, farming, railways, and home heating is exempt
00:32from federal and state excise taxes. State diesel taxes remain in effect, and states
00:37could still enforce restrictions on red-dyed fuel. The order comes as retail diesel prices
00:42average $6.30 a gallon nationally, according to AAA. Analysts say the larger problem is
00:48limited refinery capacity, as attacks disrupt facilities in Russia and the Middle East.
00:52Real Macro CEO Jeff Curry said the order won't have a profound impact on fuel prices.
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