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President Trump's latest round of tariffs will target Canadian energy and oil (CL=F, BZ=F) imports, which could have a broader effect on gasoline (RB=F) prices; gas prices tick down on Monday amid reports that Canada is putting together a set of retaliatory tariffs of its own.
GasBuddy Head of Petroleum Analysis Patrick De Haan breaks down the commentary from oil producers and refineries and how tariffs will eventually materialize in energy prices for American consumers.
"Ultimately, we're going to see the seasonal dance: Gas prices are going to go up this spring regardless of tariffs or not, they're going to go back down in the fall," De Haan tells Julie Hyman and Josh Lipton. "And I think seasonally looking at where we are for the year, for gas prices, we anticipate a yearly national average of about $3.22 a gallon, which would be a modest or even slight improvement of about $0.11 compared to 2024."
De Haan also comments on the "dance" the US will have to do when balancing trade relations with Saudi Arabia and sanctions on Russian oil.
Related Videos
Catch up on Yahoo Finance's coverage of how the Trump administration's tariff policies could impact the United States' biggest oil importers. Tariffs on Canadian oil will also greatly affect those in the northeast US during the chilly winter season.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
This post was written by Luke Carberry Mogan.