CALGARY — As Donald Trump threatens to include petroleum among the Canadian exports he’d hit with steep tariffs—“We don’t need their oil,” he said—energy analysts warned the move would drive up the price of gasoline at U.S. pumps.
The actual impact would run much deeper. Due to the unique makeup of Canadian heavy oil, and America’s enthusiastic use of it, tariffs would inflate prices of everything from airline jet fuel to asphalt. They would even drive up prices of bunker fuels used to propel ocean tankers—ships that carry oil products to and from U.S. refineries.