U. S. gas prices will increase if Canadian tariffs go into effect
Original source: MarketWatch (paywall)
Didn't he promise to lower prices if he won the election?
Canada’s oil is of particular concern: The U.S. imported 4.42 million barrels of oil per day from Canada in 2023, representing 52% of total U.S. oil imports, according to the Energy Information Administration. Mexico comes in at a distant second, representing 11% of U.S. oil imports, at 910,000 barrels per day.
Because the U.S. gets the majority of its imported oil from Canada, high tariffs on Canadian imports will “impact all industries directly or industry and trigger inflation pressures, which [are] already a concern for the U.S. economy,” according to a recent Dun & Bradstreet analysis of the potential impact of U.S. tariffs on Canada and Mexico.
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The U.S. depends on Canada in particular for “heavy crude oil to refine into products like diesel and jet fuel,” Hakan Kaya (with Neuberger Berman) told MarketWatch. “Without it, prices at the pump and in supply chains could surge.”
“Tariffs would be passed on to U.S. consumers via higher fuel prices,” Pavel Molchanov (Raymond James) said. Hypothetically, Raymond James estimates that a 25% tariff, which equates to $15 a barrel on top of the current $62 Western Canadian Select crude price, would add an average of 10 cents a gallon to gasoline at the pump, though the actual price impact would differ across states, he said.
https://www.msn.com/en-us/money/other/here-s-how-much-gas-could-cost-you-if-trump-s-threatened-tariffs-go-through/ar-AA1y3sUf
= new reply since forum marked as read
Gonna hit those monster truck driving MAGAts way harder than me.
So I agree!
