If the tariffs extend to crude oil imports, they’ll pass the cost down to consumers. If crude oil is excluded, they’ll increase profits by 15% and pretend it isn’t.
Thinking about it, something about crude oil being both the largest industrial import and export seems a bit stupid. If $164b of oil is coming in and $117b of oil is going out, that’s only $47b worth of it actually staying in the country.
Oh well. I’m sure there’s some trade agreements and/or buy-low-and-sell-high trading at play to explain it.
Oh, gas is absolutely going up.
If the tariffs extend to crude oil imports, they’ll pass the cost down to consumers. If crude oil is excluded, they’ll increase profits by 15% and pretend it isn’t.
Which is especially galling since the U.S. is the largest oil exporter.
Thinking about it, something about crude oil being both the largest industrial import and export seems a bit stupid. If $164b of oil is coming in and $117b of oil is going out, that’s only $47b worth of it actually staying in the country.
Oh well. I’m sure there’s some trade agreements and/or buy-low-and-sell-high trading at play to explain it.
https://www.census.gov/foreign-trade/Press-Release/ft900/final_2023.pdf
It’s because oil is a global market and exports are more profitable than keeping it here for some types of oil.
(Side note for those that don’t know: the President has the authority to instantly ban all oil exports at any time)