ABC News on Nostr: Tariff threats cast shadow over US reliance on Canada for majority of its oil imports ...
Tariff threats cast shadow over US reliance on Canada for majority of its oil imports
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The U.S. relies on Canada for over 50% of its crude oil imports, up from 33% in 2013; this increase is due to higher production in Canada and improved pipeline capacity. President-elect Donald Trump has threatened tariffs of up to 25% on imports from Canada and Mexico, raising concerns about increased energy costs and inflation. Canadian officials are considering responses, with Ontario's leader suggesting restrictions on U.S. imports, while Alberta's leader hopes to avoid cutting oil exports. Despite U.S. oil production growth, the country still imports heavy crude from Canada due to refining infrastructure. Oil prices have remained stable in 2024, with a reported 19.5% decline in fuel oil costs in November compared to the previous year.
#OilImports #Tariffs #Canada #UsEconomy #Inflation #Trump #EnergyCosts #Pipeline #CrudeOil #TradeRelations
https://abcnews.go.com/US/wireStory/tariff-threats-cast-shadow-us-reliance-canada-majority-116944713
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The U.S. relies on Canada for over 50% of its crude oil imports, up from 33% in 2013; this increase is due to higher production in Canada and improved pipeline capacity. President-elect Donald Trump has threatened tariffs of up to 25% on imports from Canada and Mexico, raising concerns about increased energy costs and inflation. Canadian officials are considering responses, with Ontario's leader suggesting restrictions on U.S. imports, while Alberta's leader hopes to avoid cutting oil exports. Despite U.S. oil production growth, the country still imports heavy crude from Canada due to refining infrastructure. Oil prices have remained stable in 2024, with a reported 19.5% decline in fuel oil costs in November compared to the previous year.
#OilImports #Tariffs #Canada #UsEconomy #Inflation #Trump #EnergyCosts #Pipeline #CrudeOil #TradeRelations
https://abcnews.go.com/US/wireStory/tariff-threats-cast-shadow-us-reliance-canada-majority-116944713