Fox Business analyst Phil Flynn discussed President Trump's impending tariffs on Canada and Mexico, predicting potential price increases on gasoline and diesel. He noted that while tariffs could raise gas prices by about 10%, diesel could see a more significant increase of up to 30%. However, Flynn emphasized that these increases might be mitigated by Trump's other economic policies that encourage U.S. oil production and reduce regulations. He reassured listeners that the overall economic growth could balance out these price shifts, suggesting consumers wouldn't feel the impact too severely.
The good news is that the US produces a lot of oil and even though Canadian oil and Mexican oil is preferred, it's not going to be as bad as a lot of people think.
I'm more concerned about diesel because it could go up 30%, but you have to offset that just a little bit with the fact that less regulation on the oil industry, a growing economy is going to offset those costs.
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