Trump temporarily expands use of red-dyed diesel. Will it lower costs?

Experts say the new executive order will have a limited impact on farmers and truckers who rely on diesel. President Trump's new executive order allowing the use of red-dyed diesel on highways is aimed at lowering costs for truckers and farmers grappling with diesel prices that remain near record highs. But experts say they are skeptical that the order could deliver sweeping savings. "It might lead to savings for some, but there are a lot of details that will prevent this from having widespread relief," Patrick De Haan, a petroleum expert at GasBuddy, told CBS News. Mr. Trump announced the executive order on Tuesday during a midterm rally in Nebraska, saying the move will "officially waive the off-road requirement and allow anyone to purchase tax-free red-dye diesel for any reason." Before the EO passed, farmers had to buy regular diesel for their trucks and on-road vehicles, which is subject to excise taxes, a White House official told CBS News in an email.

Now, they can use red-dyed diesel, which is exempt from the federal tax of 24.4 cents a gallon that applies to regular diesel. The EO comes as diesel prices remain high, although they've eased slightly after reaching a record high last month of $6.53 a gallon. High diesel prices are placing financial strains on the nation's transportation, construction