Finance

How gas prices, oil imports could be hit by Trump tariffs

Published

11 months ago

on

President Donald Trump is set to impose tariffs on oil (CL=F, BZ=F) imports from Canada and Mexico starting February 1, potentially raising US gasoline (RB=F) prices by $0.40 to $0.70 per gallon.

Yahoo Finance senior business reporter Ines Ferré explains that analysts are closely watching whether oil will be exempt from the tariffs, underlining that energy giants Exxon Mobil (XOM) and Chevron (CVX) are already struggling with low refining profits.

Independent refiner Valero (VLO) predicts a 10% drop in oil refinery throughput capacity if tariffs are enacted.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Josh Lynch

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