The U.S. imports some 4 million barrels per day of oil from Canada, roughly 70% of which is processed by refiners in the U.S. Midwest. A tariff on oil imports could lead to lower production of fuel at those facilities and drive up costs for consumers, analysts and companies have warned.
“We’re going to put tariffs on oil and gas,“ Trump told reporters in the White House’s Oval Office. “That’ll happen fairly soon, I think around the 18th of February.”
That would be instead of 25% that Trump has previously spoken about.
They are awaiting clarity while preparing for the new tariffs on Canadian and Mexican crude imports. Earlier this month, imports of crude from Canada to the United States hit record levels
U.S. refiner Phillips 66 expects production cuts in the Midwest and Rocky Mountain region where alternative crude supplies are limited if tariffs take effect.
“Our commercial and optimization teams have been working hard to develop every possible scenario we can think of and how we would respond” to Trump's tariffs, said Gary Simmons, chief operating officer of Valero, during call with analysts on Thursday.
Valero is the second-largest U.S. refiner by capacity.
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