Fox correspondent: Tariffs on Canadian crude oil “could lead to an immediate jump in U.S. gas prices by as much as 30-70 cents per gallon,” while tariffs on auto parts “could also raise the price of a car by maybe $3,000”
Fox News report: “Consumer could bear the burden” of Trump's tariffs
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From the January 31, 2025, edition of Fox News' America's Newsroom
LYDIA HU (FOX BUSINESS CORRESPONDENT): Excluding oil and energy products from these 25% tariffs that are possibly starting tomorrow would be really significant. Even though the United States is a leading producer of oil for the world, we also consume a lot, too. We produce roughly 13 million barrels of oil a day, but we consume closer to 19 to 20 million barrels. So that means we have to import oil, and where are we getting a lot of that? We're getting it from Canada, we're bringing in roughly bringing in 6 1/2 million barrels of oil, roughly 3.9 million barrels come from Canada. So if those 25% tariffs apply to that Canadian crude oil, we're getting the warnings that the consumer could bear the burden. Analysts with TD economics say it could lead to an immediate jump in U.S. gas prices by as much as 30-70 cents per gallon.
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These tariffs are really wide reaching, they could include lumber, they could include agriculture, they could also include steel and auto parts. And auto parts is also an interesting point because the auto parts are so integrated in trade, they trade across the border seven to eight times before they're actually installed in a car. And there are economists that warn these tariffs could also raise the price of a car by maybe $3,000. So that's something else we're keeping an eye on.