What Trump Tariffs Could Mean for US Gas Prices
ฝัง
- เผยแพร่เมื่อ 29 พ.ย. 2024
- Patrick De Haan, head of petroleum analysis at GasBuddy, talks about fuel prices as Thanksgiving travel gets fully underway and the potential impact at the gas pump if Trump imposes tariffs on Canada and Mexico.
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It's not only crude but also electricity. The entire North East of the United States incorporates Canadian electricity into the gird. A tariff would trigger an immediate price shock.
The United States imported 38.92 terawatt-hours (TWh) of electricity from Canada and Mexico in 2023. This was about 1% of the electricity sales in the U.S.
Currently Canada is importing electricity from the US during to the Drought
@@camresearch5120 Good contribution, I thought it was more.
@@camresearch5120 thank you for pointing this out, I would, however point out the 40% of Vermont's electricity in the winter does come from Canada. You are correct though, in the grand scheme of things it's not a massive hit across the country
@@camresearch5120Canadian electricity is almost exclusively used along the border in the north east a price shock would mostly hurt the auto industry
Hey this is what America voted for. I say give them what they want! Let them eat cake.
I know, and so many that voted for Agent Orange were so ill informed that they didn't know their loved ACA health plan that saved so many of their lives was the same thing as the hated Obamacare they were conditioned to want gone. They'll be learning that soon enough as well. They've destroyed the country to learn that, but hey now they can learn how the Hungarians & Russian's live.
They thought they were getting ice cream 😂
Buy American!!!!!
That’s all we have been fed the last four years
@@1lorijb Can't buy what you don't make.
Remember when trump let the sale of one of our largest refineries go through to Saudi Arabia? That was funny.
Do it, prove you learned NOTHING from the Great Depression.................
Let alone the American revolution which was started by and large as a reaction against excessive tariffs. The Boston tea party was a reaction against tariffs on tea because they wanted to continue their black market imports. Tariffs are draconian and Donald Trump disrupts supply lines but even mentioning tariffs. Of course tariffs have no effect on studio wrestling. I love the poorly educated!
Trump is gonna make umerica great 👍
stephen... 🎯💯🇺🇸
Man I can’t wait to pay 25% more for everything!
Our country is going to be so great!
😂😂😂😂 I’m with you
If you voted for Nr 47, you will get every penny back. The "very rich man" will refund all his followers. Trust me, Bro.
It's actually about 40%. I have to mark it up as well.
Hahaha they have to bring back pennies so we can save for a better day again
You'd wish it'll only be 25%, that's unfortunately not how economics work. Importers will have to increase costs even more to cover their additional admin costs, while domestic alternatives (in as far as those even exist for some products) will happily follow the market and raise their prices as well. Naturally barely undercutting imported goods, but still driving up sales prices while pursuing a greater profit margin.........blanket tariffs, even as a punitive measure, never work. Add an even more laissez-faire approach to government oversight and potentially 50% of the agricultural and construction work force being the subject of deportation initiatives and you have an incoming president who is begging for a repeat of the Great Depression..........
Just remember that our refineries cannot refine our oil. That’s why we sell it to other countries that have the proper facilities to refine our oil. Then we purchase oil that we can refine from countries like Canada. So, Mr. Trump, go ahead and put tariffs on Canadian oil because Americans are so anxious to pay more at the pump. You said that you were going to apply tariffs which is why they voted for you. So, no worries. Americans won’t blame you for high gas prices at the pump. That will be Biden’s fault, right?
Then we build our own
@@JeffEbe-te2xsAre you going to pay for them?
@ : Why haven’t we built our own before?
Because Biden did so good. Just like Obama. Go back to the plantation and shut the F up loser
@@Itsme-vo4fxthere is one in Oklahoma that had been approved, not sure if construction has started. First new one in 50 years. Thank President Biden.
I hate trump
millions do!!
You’re not alone
He’s an American badass. TRUMP TRUMP TRUMP
Whoopi do...
getting my "I did that - trump" stickers ready!
"i did that" -Trump
I’m gonna get those stickers that the morons put for Biden see how they like it.
@@jms6605You must not understand who you are dealing with. They are too dumb to understand that it would be Trumps fault. They'll keep on blaming Biden. Watch and you'll see the true dumming down of America
@@jms6605
Yes!😂 I've seen a lot of them here in Tennessee.
Prices will rise before then because these are traded commodities. They bet on future prices.
Most of his voter bases too dump to understand this .
Canadian here, as an over the road trucker fuel price is a major factor, so lower is better. But, if trump put a 25% tariff on Canadian goods Canada should put an export tariff matching the USA tariff dollar to dollar. You put 25%, we put an export tariff of 25%. So the cost to the u.s. is a 50% tariff on energy, not just oil, but LPG and electricity. I wonder how North eastern states would react?
North east didn't vote for Trump so doesn't matter
Or your country could just stop letting terrorists in to attack the US like Benny rasa yeah don'tforget
Trump wouldn’t care, most of the North East states vote Democrat.
Turnup admitted recently that he doesn't understand what a tariff is or what happens when one is imposed. He thinks that your great country would pay our federal government 25% the value of whatever good you are selling. He does not know that the American company pays the tax.
@ross5839 not sure you realize TRUMP proposed getting rid of personal and corporate tax within a few years so who is going pay?
Increasing the cost of energy, particularly for transport, will have a knock on effect over and above all the other tariffs. You're not looking at 25%, you're looking at 50-100%, and if those refineries get choked offline, you've lost 20% of your energy supply from a friendly nation, and put OPEC back in the driver's seat, and they'll cut supply to raise profits, and further increase cost of transportation, and its knock on effects.
Actually about 60-70% of your energy is from Canada. Keystone which he wants to start again is in Canada as well. LOL! Trust me, it makes no sense to us Canadians.
I’m starting to worry that the incoming government is all in OPECs pocket
Just wait until Canada puts a 25 percent export tax on oil. Prices at the pump will soar
Agent Orange will try to blame it on Biden & many of his cult followers will actually believe it.
Canada will retaliate with tariffs of their own. It'll get very painful here just like last time Trump increased tariffs and we had to bail out farmers
@@vwphred yes the will especially in the Midwest and northeast this is going to be a disaster
The candy in the gas station will become free!!
Yes President Trump will never figure out he can buy oil from OPEC.
They voted for this fool, they get what is coming to them. Trump loves Tariffs and the consumers will be paying high prices.
The only fools are the ones who voted for Harris, who is, without a doubt, the laziest candidate in US history.
Canada will also slap a 25% TAX on crude oil as revenge and you now have a 50% TAX on oil!
If that happens, I'll probably lose my job and my home.
@@Introverted100 A lot of people will suffer under Trump. Elon told us we would. The billionaires will be fine though
@@vcr7231 Indeed. Sick sad world.
It actually amounts to much, much more then that because everything uses oil and energy. So you could be looking at easily 100-500% mark ups on things depending on how much oil is used in the process. Basically, recession to depression types of Tariff's. 1930's this was done and caused the great depression to last 1000 times longer then it should have. So, ya Americans like there recessions and depressions. But don't worry Trump will just blame it on someone else.
America voted too pay higher prices for everything they have plenty money
No we didn't. That's why Harris lost. Now grow up. Shut up and go away
@@donaldmartin9394 Dont get mad that Trump fooled you. You need to accept the lack of thought you put into your vote and move on. We all make mistakes but the real ones own up to it
@@donaldmartin9394are you ready to pay The Trump Tax because that's what we're going to call it.
@@vcr7231 Trump said that he loves the uneducated people and they love him back. He was talking directly to "Donald Martin".... @DonaldMartin9394
And of course when gas prices go up so does diesel which is used in trains and trucks to haul in supplies to stores as well as cargo ships that deliver and export goods.
Canadian crude will be 25% more expensive so I'm guessing prices will go up.
Well considering majority of oil and energy comes from Canada via the thousands of pipelines in place for years now, ya that sounds about right.
@@SamWitney The U.S. is the #1 oil producer in the world. And when Trump's 'drill baby drill' policy begins, gas prices will drop below $2 a gallon... just like his first term.
Trump is the gift that keeps on giving 😂😂😂😂😂😂😂😂😂😂
Trump is determined to finish what Reagan started
Bush 41 lost because of new taxes. Bill Clinton got a free pass thanks to Reagan
Yeah an Trumpy is gonna bring your average families costs down ... yeah and I own California.
That’s not a maybe. That is a fact. 25% plus a retaliatory 25% is 50%. That’s the math.
If companies try to absorb the cost of the tariffs they need to make up the difference somewhere. Either they are not upgrading equipment, not paying out dividend or not giving their workers wage increases. It all hits the bottom line somehow, it just depends on where.
The bottom line which usually is the consumer duh!!
A tax of this scale and size has a big domino effect. Not only will prices go up, but in turn consumption goes down, slowing down the economy.
lol They are not making up anything you will be paying for it wake up😂
That is too much Logic you're give out to Trump Supporters. Very Soon they're going to learn their Mistake
He's the same financial genius that bankrupt a casino....brilliant
Patrick De Haan knows his stuff...if he says gas is going up cause of these tariffs it's going up. Can't wait to see what kind of spin trump supporters use.
Probably something about Hillary and woke culture. These people don't even know how the basics of a tariff work. 'China will pay' was a valid argument for them..............
Blame Obama.
Obviously blaming the migrants! Surely it’s their fault when they keep coming so Trump just has to put tariffs on imports from Mexico and Canada!
It will be Obama’s fault, for sure 😂
AND CANADA VOWS TO STOP SENDING WATER TO CALIFORNIA AND SHUT DOWN ALL TRADE WITH AMERICA.
Up up up up and up
You're forgetting a HUGE piece.....ALL goods that now need to be shipped across the US, that use some sort of fuel source, will now also be more expensive. Oh, and not too mention how expensive it will be to heat your home. Good luck folks!
Quit breaking trade agreements
I googled Maga and got …Make America Pour Again
😅😅😅😅😅
$0.35 - 0.50 more a gallon ? Thanks MAGA.
And this is why ELON is smiling now.
😂 none of it is going to be good for consumers 🤔
...fasten thy seatbelts!
We might as well kind over now. The good news is it's Trump(AKA mushroom) sticking it in there instead of the late great Arnold Palmer.
MAGA FAFO! Way to go.
Transmountain pipeline tripled the export capacity from Alberta to the coast. If the US doesn't buy Canadian crude, it will just go offshore.
The Canadian federal government took over the construction of the Trans Mountain oil pipeline because the greenies were giving the oil companies a big headache. Now the pipeline in in operation Alberta can ship it's oil to Asia. Once this is up to full flow the price of Canadian heavy crude may just rise in price further increasing the cost to American consumers. Too bad, so sad.
Depending on the region and the Season the electrical grid works on a give and take basis. Most of the Utility companies on both sides are locked into long term contracts. Putting a tariff on electricity will go directly on to the US consumer. And let’s not get started on Natural Gas
When the price of oil goes down, that doesn't mean the coast of producing that oil will go down. It gets to a point where it wouldn't be profitable to even drill. It's like farmer leaving crops in the field because the price wouldn't support harvesting it.
cost of oil isn't going down as long as there is a war in the Ukraine
25% import tariffs from Canada & Mexico to the US will make huge increase on US tax revenue, however the US citizens will have to pay the import taxes when they bought the imported products.
Trump voters…you voted for this … may you enjoy!
2025,gas price,$11.46 for a gallon.
FAFO !!!!!!!!!!!!! Im hunkering down to what it was like with COVID.
The cost of transporting goods and people under lies everything economically. If people would drive the speed limit they could actually have a downward impact on those prices to the tune of almost 800 million a year that they spend just for the privilege of speeding. You should try it you'll enjoy driving a lot more. See what you're missing.🌞
...not to mention the ridiculously limited excessive/wasteful vehicle configurations offered to the NA market that the manufacturers are getting away with because they can (NHTSA CAFE mileage regs. & cheap fuel prices). A 2025 Toyota Tacoma is rate approx same MPG as I got *33* years ago from my '92 Mazda 4x4.
I get 30.3 miles/gal in my big Subaru Forester, just driving the speed limit.
The voters for trump need to be rewarded, make the tariffs 50%
Companies will not eat the tariff, because investor earning and interests will be first.
All prices will rise! Thats the brutal truth!!
Dont forget trump said he can the Ukraine war in 1 day😂😂😂
We import heavy crude from Canada because we don't have enough for our needs. It's a lot easier to make asphalt using heavy crude for your bitumen. A tariff makes oil and subsequently the asphalt cost more.
Furthermore, we import soft lumber from Canada for construction. A tariff on Canada will cause lumber prices to double if not triple. They quadrupled last time we tariffed Canadian lumber.
What Trump supporters fail to realize because they are "poorly educated" is that when tariffs increase imports they increase the price of the corresponding domestic.
Making america great Yee haa
Could not have said it better
Rich people problems
The Wall Streeters, won't stand for this, Watch JD Vance soon to be 48th.
🇨🇦 We can hit America harder than it could imagine. Yes, gas prices. The eastern seaboard purchases its electricity from Quebec. More expensive cars? More expensive car repairs, because you get those parts from us. Oh, and your houses will cost more because you get your lumber from us. Don’t count on us being nice about this.
Easy a 300% increase!
Thank America media for finally telling the truth about repercussions of Donald Trump's economic plan for his American voters ! Would have been nice had American media emphasized this before he was elected president.
even if refineries and oil produces starting building more capacity in the US that would take years or decades to make a noticeable effect. voters in the US think in terms of the next tik tok video, or the next election at the most which is 2 years away. say what you will about China, at least they have some long term strategic planning in all this stuff. wild swings in everything every 4 years in the US is very inefficient.
Exactly right about China. And while things may not always go their way, I think if a serious trade war erupts they would weather the storm with more patience than the United States.
The Trump Tax.
Canada is our biggest supplier of oil
Put the tariff on.😂😂😂 Time to touch that pocket book
the huge Marathon refinery in Detroit refines nearly 100% of its crude from the Alberta tar sands!!
You guys are not asking the important questions. How will Canada retaliate and how long will it take for the US to find other supplier???
The other suppliers of heavy crude are Venezuela, Iran and Saudi Arabia. So the U.S. wants to penalize it's neighbor and long time ally and backfill that supply from Iran and Venezuela?? You elected him, he's all yours..
Suppliers of what You’ve going to import lumber and concrete?
not cry yet next year look very interesting pay more for gas and food etc the new gestapo 😮
Definitely 💯 need give USA AMERICAN 🇺🇲
Play The O'jays for me, you know the song: "For The Love of Money"
the price will increase, people to pay more..more inflation..
And by the way, no lobsters for you America 60% of your lobsters 🦞 come from us Canada lol
More for us …at a cheaper price now
We have crawfish here on the Gulf Coast. Lobster is for rich people, so let them pay those additional tariffs.
Yes, America. That blank area missing to the north usually missing from American weather maps does an incredible amount of business with you.
I live in SE Ohio and has prices raised 40 cents in 2 days
Now imagine the price of oil if Canada institutes an export tariff. The tariff revenue staying in Canada, leaving the Americans with a real choice.
Deregulating the energy industry worked so well for Texas 🙄
Trump wants the U.S drill drill. Alberta can turn the switch off on the pipeline
Trumpateers are the ones to thank when this happens.
I bet Canada wondering what they did? 😂
Ironically this will give more incentive to shift to electric vehicles and alternative energy. I still don't understand how Americans drive so much that gas being $4 vs. $3 makes a real difference. Say you fill up your 20 gallon tank twice a month, that's only a $40 difference (2% of a $2k monthly income) which is not that significant for a majority of people whining about gas prices. It just feels like a mountain out of a mole hill
Wait, I thought the US no longer needs foreign oil?
We will all pay 25% more for our gas or drive 25% less. In YOUR FACE Canada!
I'd increase the tariffs even higher!
Drill baby Drill
We're already drilling at record numbers. Do you think oil is an unlimited resource?
you GET what you VOTE for!! ENJOY 😊
He needs to change his mind with the tariffs
10x the oil price in exchange.
Buy your tequila now folks
You already pay over 50% less than us Canadians at the pump, even with the tarrif you will still pay a lot less than us. Help me understand that lol
If dd coffee is 25 a gallon. How much is fuel really subsidized? 50 a gallon. Like they say with housing. Not in my lungs. They need to pay their pollution bill and clean up lead pipes in their rentals. In pascoag ri they gave its citizens so much mtbe for years. No one was accountable. True bums.
Trump ain't even in yet merely seen the price gouging at the stores. Groceries have one up about fifty percent in the last two weeks alone
Uh yeah. Companies are preparing for tariffs, as they should. Some raise prices; some do layoffs; some cut imports (which will creat shortages)
Be happy, this is what you wanted, right?
50%? I doubt it.
Just another Conspirator
Fifty percent?
The United States imported 38.92 terawatt-hours (TWh) of electricity from Canada and Mexico in 2023. This was about 1% of the electricity sales in the U.S.
Its more like 52 TWh the US purchase from Canada, heck Canadian energy is nearly powering 20% of the state of Vermont.
Thanks for the forecast! Just a quick off-topic question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). What's the best way to send them to Binance?
Now we have to come in and fix everything that you broke.
i bet people didn't know that
I guess that the keystone pipeline is really dead in the water NOW.
Had you voted correctly, we would not be having this conversation. But, he said it plain as day. I don’t care about you, I only want your vote! You didn’t listen. You’re the opposite of woke!
Good news… DTRUMP and his wealthy friends and donors will still be able to afford the same good fortune they have become accustomed to under his leadership. Business as usual. Great job for them ☠️👏🏼👏🏼👏🏼😂🤡🤥💫
If tariffs are so bad why does every other country have so many against American products.
Whos the sitting president?
Great point! What is your point by the way? Do you have a point or is it a blunt point? Please please do elaborate.
Trump🤷🏽♀️🤷🏽♀️🤷🏽♀️ cuz I aint seen Biden🤣🤣🤣🤣🤣
Is your memory that bad?
@@stephenmorton8017 biden can open up the keystone pipeline he closed ,and he could close the boarder
@@tammyrenard7203Biden did not close the Keystone pipeline. Educate yourself Trump told Mike Johnson to shut down the bipartisan bill to allow Biden to shut it down Along with hiring 2,500 border agents 600 immigration Judges plus millions more in security systems.
The “Blue Wall” (and formally swing states in the Midwest/Trump country) will get what they voted for! Side note: These people are so against EVs but with EVs you don’t have to pay for gas and the price for electricity to power one up (if you use a public electrical charger) is less than half the price of gas. 🤔
Investing in oil companies now. Easy money. Thanks, Trump!
It means gas prices will go down.
oh, really?
Lol..
Prices are going to go down? Sounds good Stosh....... I'm looking to purchase four-lane bridge about 800 ft long, do you have a bridge like that to sell me Stosh?
Trump a total wast of air time
Mean American oil for Americans