Trump Tariffs Could Hurt Oil Companies and Raise Gas Prices
Published On Jan 31, 2025, 6:42 AM
President Trump is considering imposing 25% tariffs on goods from Canada and Mexico, which could disrupt U.S. oil and gas companies. With 60% of U.S. crude oil imports coming from Canada, many refineries, particularly in the Midwest, may struggle to find alternative sources. Analysts are uncertain about the overall impact, especially if the tariffs are temporary or if exemptions for oil are granted. The oil and gas industry, a significant supporter of Trump, is concerned these tariffs could increase consumer prices at the pump.
Stock Forecasts
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Negative
The potential for tariffs could lead to increased input costs for U.S. refiners, especially those reliant on Canadian oil. This may lead to higher gasoline prices, impacting consumer behavior and overall demand.
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