Trump’s bid to boost oil supplies and lower U.S. prices is complicated by his threat to impose 25% import tariffs on Canada and Mexico, two of the largest sources of U.S. oil imports.
Republican presidential nominee former President Donald Trump speaks at a campaign town hall at the Greater Philadelphia Expo Center & Fairgrounds, Oct. 14, 2024, in Oaks, Pa., as moderator South Dakota Gov. Kristi Noem listens. that he says will establish American “energy dominance” around the world as he seeks to boost U.S. oil and gas drilling and move away from President Joe Biden’s focus on climate change.
A call for energy dominance — a term Trump also used in his first term as president — “is an opportunity, not a requirement,‘’ for the oil industry to move forward on drilling projects under terms that are likely to be more favorable to industry than those offered by Biden, said energy analyst Kevin Book.
American Fuel & Petrochemical Manufacturers, which represents U.S. refineries, also opposes potential tariffs, saying in a statement that “American refiners depend on crude oil from Canada and Mexico to produce the affordable, reliable fuels consumers count on every day.” Dustin Meyer, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, called the new energy council “a good thing” for the U.S. economy and trade. “Conceptually it makes a lot of sense to have as much coordination as possible,” he said.
Trump has promised to bring gasoline prices below $2 a gallon, but experts call that highly unlikely, since crude oil prices would need to drop dramatically to achieve that goal. Gas prices averaged $3.07 nationally as of Wednesday, down from $3.25 a year ago. That includes renewables, said Safak Yucel, associate professor at Georgetown University’s McDonough School of Business.
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