The president signed an executive order letting truckers use tax-free red diesel — saving over $100 per fill-up. Houthis struck Saudi airports at dawn and oil jumped toward $102. A lab worker died in a Siberian plague research facility and the president offered Russia help. Markets pulled back from records. The Fed minutes come out at 2 p.m.
Wednesday. The red diesel order — signed at a rally in Nebraska Monday night — is the most direct fuel cost relief measure since the Iran war began. Diesel hit $6 a gallon in September for the first time in history. The order lets truckers use the cheaper, untaxed fuel that until now was reserved for tractors and farm equipment. Meanwhile Houthi drones and missiles hit Saudi airports before dawn, oil moved toward $102, and a mysterious death at a Siberian plague lab has the president calling Putin. Here's everything.
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The president signed an executive order at a Nebraska rally allowing truckers to use red diesel — untaxed fuel previously restricted to farm equipment — saving more than $100 per fill-up at a moment when diesel hit $6 a gallon for the first time in history.
October 7, 2026 · Energy / Economy
The executive order, signed Monday night at a campaign rally in Nebraska, temporarily allows commercial road trucks to use red diesel — the dyed, untaxed fuel that federal law has historically reserved for off-road use in tractors, construction equipment, and farm machinery. The order directs the IRS not to penalize carriers for using the cheaper fuel through the end of the year. The administration projects savings of more than $100 per fill-up for long-haul truckers where state governments match the federal action, and estimates farmers alone will save approximately $640 million annually.
The trigger for the order was a September milestone that would have been unimaginable at the start of the year: the national average price for diesel exceeded $6 per gallon for the first time in recorded history. That number is not abstract for American households. Diesel prices directly determine the cost of moving goods by truck — which is to say, the cost of moving almost everything. Every grocery delivery, every package, every construction material, every manufactured good that arrives by road carries a diesel cost embedded in its price. At $6 per gallon, that embedded cost has been rising for seven months.
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Diesel hit $6 a gallon in September for the first time in history. This order puts money back in the pockets of the truckers and farmers who move this country.
— White House statement on the red diesel executive order, October 6, 2026
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The practical limits of the order are significant. Red diesel is currently produced in much smaller volumes than road diesel — the infrastructure to supply it at scale to trucking companies does not exist in most parts of the country. The order also depends on state governments not penalizing its use under their own tax codes, and as of Wednesday morning, no major state had announced it would follow the federal lead. The administration's $100-per-fill-up savings estimate assumes a state match that has not materialized. The USDA's $640 million farmer savings estimate is based on full adoption of red diesel across agricultural users, which is already partially legal.
The political calculation is straightforward. The red diesel order — signed at a rally, not in the Oval Office — is a visible act that puts fuel cost relief at the center of the campaign message 27 days before the midterms. Whether it moves diesel prices in the next four weeks is secondary to whether it moves the conversation. For truckers and farmers who have watched diesel prices more than double since February, the order is at minimum an acknowledgment of the crisis. The White House is publishing clips of the signing across social media and distributing talking points on the projected savings. This is the fuel price story the administration wants told in October.
Houthis struck Saudi airports at dawn — Turkey, Pakistan and Saudi Arabia activated a mutual defense pact, Brent moved toward $102
Houthi spokesman Yahya Sarea claimed combined drone and missile strikes on airports and military targets in Riyadh, Abha, Khamis Mushait, Jizan, and Najran. Saudi Arabia confirmed the attacks and reported intercepting at least one ballistic missile. Defense ministers from Turkey, Pakistan, and Saudi Arabia agreed in Riyadh to activate collective deterrence measures and rapidly deploy forces against the Houthis. Oil jumped on the news — Brent approaching $102.
Markets pulled back from records — S&P -0.5%, Dow -0.9%, Nasdaq -0.8% — Fed minutes at 2 p.m. today
After Monday's record close above 7,800 for the S&P 500, Wednesday opened with broad losses as 10-year yields climbed back to 5.31% and 30-year yields touched 5.68%. The September Fed minutes — unanimous 12-0 hold — come out at 2 p.m. ET. CME FedWatch puts October hold probability above 78%; December hike probability at 69%.
Iran standoff continues — Hormuz closed, sanctions deadline October 18, the president calls it "easy way or hard way"
Tehran continues to demand its seven conditions before reopening Hormuz. Under the Graham sanctions law signed September 18, the administration faces an October 18 deadline to designate Russians — exactly when the president plans to call Putin. Brent holding near $100-103 on Iran risk premium, Houthi escalation, and diplomatic stalemate. The G7 100-million barrel release is partially offsetting supply disruption.
