US gasoline and diesel prices have more than doubled since the February US‑Israel conflict with Iran, straining transport firms, farmers and everyday drivers.

Amid growing calls for relief before the midterm elections, President Donald Trump announced a temporary waiver allowing red‑dye diesel – normally taxed for off‑road use – to be sold for highway use without federal levies.

Pricing manager David Ruisard of Argus explained that the only difference between regular diesel and the tax‑free red‑dye version is the dye, which is difficult to remove from vehicle tanks and can trigger high fines for tax evasion once the waiver ends.

A separate move, prompted by Trump’s pressure, saw G7 nations agree to release 100 million barrels of oil and diesel from strategic reserves, a step that has already nudged pump prices downward, according to fuel‑price tracker GasBuddy.

Economist Michael Pearce warned that the stock‑release is a temporary fix; as long as Gulf exports remain disrupted, further drawdowns will be needed, keeping energy prices elevated even after Middle‑East tensions ease.

Trump has also floated the idea of suspending the federal gasoline tax and urged states to lower their own fuel taxes; Ohio and Georgia have already cut state levies, modestly reducing pump prices.

Federal tax suspension would require congressional approval, a hurdle analysts say is unlikely to be cleared before the November midterms, and could cost state governments significant revenue, as illustrated by Indiana’s $1 billion loss after its own tax cut.

Overall, experts conclude that while Trump has exhausted most presidential levers, lasting relief depends on resolving the geopolitical tensions driving oil supply constraints, a process beyond the White House’s immediate control.