Trump tariffs could mean rise in gas costs
Posted/updated on: February 2, 2025 at 4:13 pm
San Antonio news publication MySA reports that Texans can expect to shell out more at the pump with President Donald Trump contemplating an import tax on Mexican and Canadian oil. According to the U.S. Energy Information Administration, Canada supplies 52% of the 8.51 million barrels of oil imported to the U.S. daily. Mexico is the second highest exporter, making up 11% of the United States’ daily intake. A study conducted by the Associated Press further break’s down Canada and Mexico’s oil and gas contributions.
The United States bought 4.6 million barrels of oil a day from Canada and 563,000 from Mexico in October of 2024. In comparison, about 13.5 million were produced domestically. Just a month ago, prices were 10 cents cheaper. But Texas overall is down year over year. At this same time in 2023, drivers were paying roughly $2.85 cents.
