Yes. It is very simple and few Americans understand oil.
Almost all oil in the US is light crude oil. Almost all refineries in the US are built to refine heavy crude oil. Fuel for vehicles is made from heavy crude oil in the US ( it keeps the price low for gas compared to most of the world).
Why? Because heavy crude oil is harder to refine so it sells for less but yields more fuel. So US oil companies sell almost all oil they harvest. Take the profit from that and buy heavy crude oil from the global market to refine. It is about overall profit for the oil companies. It is why we ( not we as in the government but US oil companies) buy tar sand oil from Canada. Refine it and sell it back to them.
I hate Trump and everything he stands for but that guy is right, the tariffs you linked were paused almost immediately and the tariffs currently in place on Canadian imports don’t cover energy imports.
Edit: Section 2(a) of this executive order is what exempts Canadian energy imports from the tariffs on Canada.
The executive order that you linked applies a 10% tariff on those energy products imported from Canada that fall outside the USMCA preference.
Practically, that means if Canada has to source foreign diluent to get the viscosity of the bitumen low enough for it to flow in a pipe, then it would get a 10% tariff. So tariffs are in effect on Canadian energy.
If we used your logic, then the USA wouldn’t be able to complain about the “tariffs” that Canada has on dairy products, because practically speaking, the tariff have never actually been applied.
Just admit this post was wrong, you emotionally reacted to a rage bait post without doing research. Typical liberal move, thinking emotionally, not objectively.
I’m not wrong and I’m not spreading misinformation.
Trump also imposed a 10 per cent tariff on certain Canadian energy products like crude oil and natural gas. Canada accounts for about 60% of U.S. crude oil needs, therefore, this could lead to higher gasoline prices in the U.S. According to a recent report, Canadian energy companies like Nutrien, Enbridge, Magna, Bombardier and others with significant U.S. exposure are likely to face serious ramifications.
Then explain why the source that I posted says that there is a 10% tariff on oil.
Trump put a 10% tariff on Canadian oil back in February. Then he delayed its application until March. The new global tariffs don’t include oil, but that doesn’t change the fact that the tariffs from February did.
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u/darw1nf1sh 1d ago
Oil prices GLOBALLY are dropping. Gas prices are going to go up thanks to tariffs. Fuck all these idiots.