Latest News Updates From Jennifer A. Dlouhy

Fuel that is usually used for off-road purposes is exempt from the federal excise tax of 24 cents a gallon. 

President Trump said he won’t ban U.S. diesel exports, after Group of Seven nations and their partners agreed to release some of their emergency fuel stockpiles.

Trump said the plant, when completed, would produce 10 million tons of steel a year using iron ore from one of the company’s Minnesota mines.

Officials and industry leaders warned export restrictions could provide brief relief but risk higher fuel costs, reduced refinery output and broader economic fallout.

Trump narrowed the scope of relief from the Jones Act, requiring case-by-case reviews of individual voyages after pleas from shipbuilders that argue the policy hurts the domestic industry. 

The expiration effectively ends a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred.

The meeting, described by a White House official, included representatives of Chevron as well as trading houses Trafigura Group, Vitol Group and Mercuria Energy Group.

The Trump administration has given a 90-day extension to a shipping waiver making it easier to move oil, fuel and fertilizer around the U.S. 

The president on March 18 authorized foreign-flagged vessels to transport a range of commodities between U.S. ports for the next 60 days.

The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.