That’s being extremely charitable. This gives them an excuse to raise prices, and I would be shocked if they didn’t throw another 5 or 10% on top in the name of profits.
That’s why I called it a price floor accounting for solely the change in imported crude oil. Multiple inputs for gasoline (equipment, naptha, various hydrocarbon mixers, etc) also are imported and exported depending on market availability and will all cumulatively add to the price at the pump, which companies will absolutely add a profit kickback on top.
Markets are fucking weird though, they dont always react how you expect and those tariffs won’t apply to the ~60% or so of our overall oil demand that can be covered with domestic sources (at least until that production begins to drop mid 2025), so we’ll see. Wild fucking times ahead.
That’s being extremely charitable. This gives them an excuse to raise prices, and I would be shocked if they didn’t throw another 5 or 10% on top in the name of profits.
That’s why I called it a price floor accounting for solely the change in imported crude oil. Multiple inputs for gasoline (equipment, naptha, various hydrocarbon mixers, etc) also are imported and exported depending on market availability and will all cumulatively add to the price at the pump, which companies will absolutely add a profit kickback on top.
Markets are fucking weird though, they dont always react how you expect and those tariffs won’t apply to the ~60% or so of our overall oil demand that can be covered with domestic sources (at least until that production begins to drop mid 2025), so we’ll see. Wild fucking times ahead.