Americans in the Midwest, Rockies, and Great Lakes regions may face higher gas prices due to new U.S. tariffs on Canadian energy imports. Energy expert Patrick De Haan warns that the tariffs could significantly impact crude oil supplies in these regions, which rely heavily on Canadian imports. The Northeast, which depends on Canadian refineries for refined products like diesel and jet fuel, could also experience price increases.
Americans in the three U.S. regions may want to brace for gas price hikes amid the U.S. tariffs against Canada , an energy expert warned. Patrick De Haan, head of petroleum analysis at GasBuddy, told FOX Business ' Stuart Varney on Friday that the situation was 'certainly unbalanced.' De Haan warned that the Midwest, Rockies and Great Lakes regions would likely be the most impacted. 'Primarily, motorists in the Great Lakes could see gas prices shooting up in excess of $0.
20 a gallon,' De Haan told FOX Business. 'A lot of that Canadian crude oil flows directly down into areas like the Great Lakes, the Midwest, the Rocky Mountains regions, where it may be difficult to find different sources of crude oil.' 'Having said that, the pressure on Canada is undermining the price of western Canadian oil. It's down to about $60 a barrel today, but this certainly is still likely to have some bite for motorists in the Great Lakes, the Rockies and the Midwest.' Even the Northeast, which is reliant on Canada's St. John and Irving oil refineries, could potentially take a hit.'That would be an impact, though, on refined products, so the Northeast could be subject to those tariffs that finalize products like diesel fuel and jet fuel, and gasoline does flow from that Canadian refinery to the northeastern United States as well, so there could be some spillover to other regions,' De Haan explained. President Donald Trump took executive action to impose new tariffs on imports from Canada, China and Mexico. He declared an economic emergency to place duties of 10% on all imports from China and 25% on imports from Mexico and Canada. Energy imported from Canada, including oil, natural gas and electricity, would be taxed at 10%. The tariffs on the United States’ three largest trading partners will go into effect on Tuesday. He was set to speak with leaders of Canada and Mexico on Monday. Trump had long threatened to impose the tariffs on Canada and Mexico unless the countries take action to stop the flow of illegal immigrants and fentanyl into the U.S. The tariffs reach across the U.S. market. To name a few: oil and lumber from Canada; produce, clothing, liquor and auto parts from Mexico; plastics, textiles and computer chips from China. Trump’s order contained no mechanism for granting exceptions to U.S. importers. Underscoring the potential effects, Canada provides more than 4.3 million barrels of oil a day to the United States. The U.S. tends to consume about 20 million barrels a day, according to the U.S. Energy Information Administration. It has been producing domestically about 13.2 million barrels daily
ECONOMY TARIFFS ENERGY CANADA OIL PRICES GAS PRICES UNITED STATES TRUMP ADMINISTRATION
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Threatens Tariffs on Canadian and Mexican Oil to Curb Energy PricesPresident Trump announced 25% tariffs on Canada and Mexico, set to begin Saturday, but is still deliberating on including oil in the import taxes. He aims to fulfill his campaign promise of halving energy prices within his first year. The potential tariffs on Canadian and Mexican oil could negatively impact Trump's pledge to lower inflation by reducing energy costs, potentially leading to higher gasoline prices for consumers.
Read more »
Gas Prices May Soar in US as Tariffs Hit Canadian ImportsEnergy expert Patrick De Haan warns of potential gas price hikes in the Midwest, Rockies, and Great Lakes regions due to U.S. tariffs on Canadian energy imports. De Haan explains that these regions heavily rely on Canadian crude oil, and finding alternative sources could be challenging. He also notes the potential impact on the Northeast, which depends on Canadian oil refineries for refined products like diesel and jet fuel.
Read more »
Donald Trump to Declare National Energy Emergency to Lower Energy PricesSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Gas prices in San Antonio drop 11.1 cents, while national prices rise, GasBuddy reportsGasoline prices in San Antonio have dropped by 11.1 cents per gallon over the past week, now averaging $2.58 per gallon, according to GasBuddy’s survey of 886 stations in the city.
Read more »
Oil Prices Dip After Trump Calls for Lower Rates, European Gas Prices Remain SupportedOil prices fell yesterday following President Trump's call for lower prices during his speech at the World Economic Forum. European gas prices, however, remain well-supported due to storage concerns. Trump urged OPEC to increase production, but achieving this goal faces challenges due to the OPEC+ alliance and higher fiscal breakeven oil prices for key members. US crude oil inventories continue to decline, while European gas storage levels remain below desired levels.
Read more »
Gas prices: Gradual increases result in higher gas costs than a month agoPolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »