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OIL PRODUCTS: Trump Tariff Plan Threatens Higher Gasoline Prices: Bloomberg

OIL PRODUCTS
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US motorists could face a hike in gasoline prices if the incoming Trump administration imposes tariffs on products from Mexico and Canada, Bloomberg said.

  • Earlier this week, Trump threatened to impose a tariff of 25% on all products from those countries.
  • Canada and Mexico combined supply around 70% of oil barrels imported into the US.
  • Most of the flows go to fuel makers in the Midwest, where refiners source 75% of their feedstocks from Canada.
  • The extra costs could raise Midwest gasoline prices by up to as much as 50 cents/gal, according to GasBuddy.
  • The plans also run counter to another ambition for Trump’s administration of bringing gasoline prices below $2/gal.
  • “Canada and PADD 2 refiners are inextricably linked, with few options to divert and substitute [Canadian and Mexican supply],” Rapidan’s Bob McNally said.
  • Rapidan assigned 25% odds Trump would go through with the plans he announced this week.

 

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US motorists could face a hike in gasoline prices if the incoming Trump administration imposes tariffs on products from Mexico and Canada, Bloomberg said.

  • Earlier this week, Trump threatened to impose a tariff of 25% on all products from those countries.
  • Canada and Mexico combined supply around 70% of oil barrels imported into the US.
  • Most of the flows go to fuel makers in the Midwest, where refiners source 75% of their feedstocks from Canada.
  • The extra costs could raise Midwest gasoline prices by up to as much as 50 cents/gal, according to GasBuddy.
  • The plans also run counter to another ambition for Trump’s administration of bringing gasoline prices below $2/gal.
  • “Canada and PADD 2 refiners are inextricably linked, with few options to divert and substitute [Canadian and Mexican supply],” Rapidan’s Bob McNally said.
  • Rapidan assigned 25% odds Trump would go through with the plans he announced this week.

 

Keep reading...Show less