Search results
Results from the WOW.Com Content Network
Tariffs on goods from Mexico and Canada that are set to take effect could hike the price of a gallon of gasoline for some drivers by as much as 70 cents and send grocery bills climbing, experts ...
As of Tuesday, the average price for a gallon of regular gas ranged from $2.63 in Mississippi to $4.50 in California and Hawaii, according to GasBuddy, a website that tracks fuel prices nationwide.
Canada and Mexico quickly announced retaliatory tariffs, while China said it would take “necessary countermeasures.” ... TD Economics figures that Trump’s tariffs could push up U.S. gasoline ...
In 2023, U.S. exports to Mexico totaled US$322 billion, while the U.S. imported over US$475 billion of Mexican products, according to data from the U.S. Census Bureau. [9] Roughly 70 percent of Mexico's natural gas consumption comes from the United States, and the U.S. imports about 700,000 barrels of crude oil from Mexico each day. [3]
The state-owned company, Pemex, held a monopoly on all gasoline sales in the country, and prices were set by the government. In 2013, the newly elected President Enrique Peña Nieto began the process of privatizing Mexico's oil industry, which would eventually allow private companies to establish their own gas stations. [1]
Retail markup over crude oil and wholesale gasoline, 2014–2019 Oil, gas, and diesel prices RBOB Gasoline Prices. In 2008, a report by Cambridge Energy Research Associates stated that 2007 had been the year of peak gasoline usage in the United States, and that record energy prices would cause an "enduring shift" in energy consumption practices. [6]
Another factor is the time of year. Gas prices are typically near a low for the year in February due to weak demand. If the tariffs stay in place through summer, the impact will be greater, he said.
Crude oil/gasoline Every day, the U.S. imports 4 million barrels of Canadian oil, which is processed by U.S. refineries into gasoline. (Another 450,000 barrels per day come from Mexico.)