Previously, U.S. President-elect Donald Trump threatened to impose 25% tariffs on all imports from Canada and Mexico for failure to clamp down on drugs and migrants crossing the border, with Canadian oil imports not exempt. Analysts have pointed out that imposing tariffs on Canada would drive up fuel prices for Americans, throwing into turmoil the biggest supplier of crude to the U.S. According to GasBuddy analyst Patrick De Haan, more than 20% of the oil processed by U.S. refiners is imported from Canada. According to De Haan, consumers in the Midwest, where refineries process 70% of the 4M-plus bbl/day of Canadian crude imports, could end up paying ~10% for their gas if Trump goes ahead with his tariffs.
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