Reported about 7 hours ago
President Donald Trump plans to implement tariffs on oil imports from Canada and Mexico starting February 1, 2025, which could raise U.S. gasoline prices by $0.40 to $0.70 per gallon. Analysts are monitoring potential exemptions for oil, as energy companies like Exxon Mobil and Chevron face low refining profits, and Valero predicts a 10% drop in refinery throughput capacity if the tariffs take effect.
Source: YAHOO