$5 Gas Price On The Way
Gas prices rose to $5 in 2022 when the Ukraine war started because oil rose above $100. There was an immediate worry about scarcity. The Trump tariffs are going to cause scarcity again.
*Gas Price Affect
Canada supplies the US 4.6 barrels of oil a day, and Mexico supplies slightly less. The US produced more oil than any nation in the world. Much of it is exported. Much is not refined for gas. Those problems will take months to solve. “This is a lose-lose,” Matthew Holmes, executive vice president at the Canadian Chamber of Commerce told the Associated Press. “We will keep working with partners to show President Trump and Americans that this doesn’t make life any more affordable. It makes life more expensive and sends our integrated businesses scrambling.”
EVs Attractive
One sector that could benefit from $5 gas is EVs. At some point the pain of high gas prices triggers interest in EVs which are much less costly to operate. Even without the $7,500 tax credit Trump took away, the bettering consumer spending will hit US cost of living could be extreme, certainly into the thousands of dollars a year
EV sales in the US have been undermined, by range and lack of charging stations. That could end soon, if tariffs remain in place
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