National average diesel prices stand at around $6.277 per gallon according to AAA, down from their record high of $6.528 but still 71% above year-ago levels, while U.S. crude oil is up 56% year-over-year. For the first time since May, 10-year U.S. Treasury yields have correlated more closely with diesel prices than crude oil prices, which had long served as a benchmark. President Trump signed an executive order deferring the 24-cent federal tax per gallon on diesel and announced a deal with Vladimir Putin to import 300,000 tons of Russian diesel immediately, followed by 500,000 tons in November, 1 million thereafter, and an additional 3 million tons shortly after. However, energy experts and polling data indicate these measures are unlikely to make a significant difference, with only 10% of undecided voters saying they would be more likely to vote Republican if gas prices dropped by $1 per gallon.
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