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Oil & energy

Trump’s Border Tariffs Could Pump Up Gas Prices Despite Record U.S. Oil Production

Trump’s Border Tariffs Could Pump Up Gas Prices Despite Record U.S. Oil Production

President Trump plans to implement a 25% tariff on imports from Canada and Mexico next week, with a reduced 10% tariff on Canadian energy.

Despite being the world’s largest oil producer, the U.S. still imports more crude than it exports, with Canada supplying 60% of imports and Mexico 10%. American refineries process about 16.5 million barrels daily but domestic production only reaches 13 million barrels.

Most U.S. refineries were built before 1977 and are designed for heavier crude grades from these neighboring countries rather than the lighter domestic shale oil.

Eight more from the desk

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