Maybe Trump is a tree-Hugger after all: Tariffs, $5 Gas And The Environment
In the wake of President-elect Trump’s vows that he would impose tariffs on imports from Mexico, Canada and other nations, the U.S. Energy Information Administration provided some eye-opening statistics.
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For instance, 60% of the crude oil imports into the U.S. come from Canada. Another 10% come from Mexico and 7% from Saudi Arabia.
Tariffs on imports from Canada and Mexico could make this oil more expensive or, in the event of a trade war, cut the supply substantially. It has taken less to drive crude oil prices above $100. When crude is at $100, the price of a gallon of regular gas nationwide usually moves toward $5. Today, the price is at an average of about $3.
So what are the effects? Sky-high gas prices could speed up the adoption of electric vehicles, with the math of EV ownership improving as the industry assumed it would a decade ago. And travel overall will be affected; jet fuel costs will rise and with that, airline prices.
Suburban habits
However, EV demand may be complicated. If the $7,500 tax credit for EV purchases is eliminated, Americans must choose between high gas prices and more expensive EVs. The alternative is for people to drive less, but that is not an option for many given the highly suburban living situations of a vast number of people.
All in all, tariffs may hammer the American consumer, but they could also make the U.S. somewhat greener.
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