Pump prices set to rise as Trump tariffs hit Canadian, Mexican oil
Trump's decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders.
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The likely hike in fuel prices reflects the double-edged nature of Trump's trade protections which are designed to bolster domestic business and pressure U.S. neighbors to curb illegal immigration and drug smuggling, but which will also run counter to his promises to tackle inflation.
The U.S. imports some 4 million barrels per day of Canadian oil, 70% of which is processed by refiners in the Midwest. It also imports over 450,000 bpd of Mexican oil, mainly for refiners concentrated around the U.S. Gulf Coast.
Tariffs on those imports mean higher costs for making finished fuels like gasoline, much of which is likely to be passed along to U.S. consumers.
«Expect fuel prices will rise noticeably if oil and refined products are not exempt,» GasBuddy analyst Patrick De Haan said in a post on social media. He told Reuters in a telephone interview the hit to consumers will get worse the longer the tariffs drag on.
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