Oil and gas companies face potential disruptions as President Trump proposes 25% tariffs on goods from Canada and Mexico. With 60% of U.S. oil imports sourced from Canada, many refineries rely on these imports and may struggle to adapt. While temporary tariffs may not significantly affect costs, the possibility of exempting oil has been hinted. If tariffs proceed without exemptions, U.S. refiners, especially in the Midwest, could see price increases at the pump, affecting consumers.
Many refineries are set up to use these imports and cannot easily switch to oil from other places.
If Mr. Trump does not exempt fossil fuels, Canadian oil producers and U.S. refiners... could be impacted.
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