Gas Prices Will Soar With Tariffs

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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.

$5 Gas In The Future

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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