Oil Companies Wanted Trump to Lower Costs. Tariffs Are Raising Them. Thanks to Trump’s tariffs, the oil and gas industry is contending with rising prices for essential materials like steel pipes used to line new wells. Oil refineries are separately bracing for a tariff on Canadian oil.
Source: mafco
4 Comments
Then they can come here and avoid the tariffs
Ding ding ding.
This is what *always* happens with tariffs in the US. Everyone gets screwed by the increased cost of inputs.
If a 10c/kg tarriff on steel is raising the final oil price by 15c/gal then this is the oil industry outright stating that all their bullshit about material use or minerals or mining for wind or solar was a lie, because they are claiming every gallon of oil requires well over a virgin kg of steel.
Leopards eating faces