Energy Secretary Chris Wright says diesel relief will begin Saturday

Truckers could start getting relief from high diesel prices as early as Saturday, Chris Wright said, after President Donald Trump signed an executive order to temporarily expand highway access to red-dyed diesel and ease some penalties and federal diesel tax payments.

U.S. Energy Secretary Chris Wright joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss the administration’s efforts to lower diesel prices as limited global supplies continue to strain drivers and businesses.

U.S. President Donald Trump signs an executive order to reduce the price of diesel fuel during a campaign rally.

President Donald Trump signs an executive order temporarily expanding access to red-dyed diesel for use on highways. (Win McNamee/Getty Images)

Wright said truckers could start seeing relief by Saturday, five days after Trump signed the order.

“The order was signed yesterday, and Treasury and the War Department have five days to find the specific authorizations.”

Trump’s order directs the Treasury Department to determine within five days whether it can defer certain federal diesel excise tax payments. It also directs the IRS to provide penalty relief for dyed diesel sold for use on highways or used on interstates through Dec. 31, while federal agencies work with states and industry to expand access.

Trump opens red-dyed diesel to truckers in effort to lower fuel costs

Wright pointed to overseas disruptions as a key source of pressure, citing Russia, China and reduced flows of refined products from the Middle East.

“We are currently in a crisis with a shortage of diesel due to a conflict between Russia and Ukraine, China having decided to no longer export diesel, and we have still reduced the flow of refined products from the Middle East, even though they are increasing,” Wright said.

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Despite the tight market, Wright said he thinks the worst of the price surge may already be over.

“I think diesel prices peaked a few weeks ago. They’re already down 20 to 25 cents. I think we’ll see a gradual decline in diesel prices in the coming weeks and months,” Wright said.

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