Gas Prices Will Soar With Tariffs
According to GasBuddy, gas prices have dropped back below $3 for an average gallon of regular nationwide. With tariffs, that number could go much higher.
The rise will, of course, be based on oil prices, which are impossible to guess. Tariff negotiations with Mexico seem to have settled the trade dispute that brought on the tariffs.
Canada Threat
Canada, however, remains a huge exporter of crude to the US. Gas prices moved to $100 the last time there was a major disruption of oil supply. US gas prices almost hit $5, or 65% higher.
Gas prices at $5 pose a large threat to the US economy because the numbers of miles driven by Americans.
EVs Not A Factor
The gas prices problem will not be offset by EVs because only 8% of cars sold last year fall into this category.
Gas prices may be the first major disruption to the US economy, if the tariffs remain for several months.
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