U.S. imports oil from Canada, Mexico
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Canadian oilMarketWatch
•Business
Business & Economics
The U.S. is the world’s largest oil producer. So why does it still import crude from Canada?
83% Informative
The U.S. is the world’s largest oil producer, but it still needs to import more crude oil than it makes.
The majority of those imports come from Canada and Mexico , thanks to a mutually beneficial relationship.
President Donald Trump has indicated that he plans to move ahead with imposing a 25% tax on all imports from Canada .
A 10% tariff on Canadian oil would equate to a surcharge of roughly $5.60 a barrel, OPIS’s Kloza said.
The timing of a gas price increase isn’t certain, but it is likely to come just in time for the summer driving season .
A slowdown in the economy could partially offset the impact of tariffs.
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