What impact do Trump tariffs and trade have on gas prices?

Planning a summer road trip?

 

While prices may fluctuate, there’s no need to worry too much about the impact of U.S. President Donald Trump’s remarks on tariffs and trade on the cost of your fuel.

 

Dan McTeague, president of Canadians for Affordable Energy, explained in an interview with CTV News Channel on Sunday that although Trump’s statements once caused price shifts, markets are now much less reactive.

 

“Prices used to jump or fall with every remark he made,” McTeague said, adding that now most markets are “discounting his threats.”

 

Instead, he said, factors like oil demand, OPEC decisions, and Canada’s oil production are the primary drivers of fuel prices.

Gas prices have risen recently, with GasBuddy reporting an 8.6-cent increase from last week. However, prices are still 24 cents lower compared to this time last year.

 

“Demand is very, very robust,” McTeague said, noting that with the U.S. Memorial Day weekend approaching, prices could rise another 5 to 6 cents per litre.

 

While fluctuations at the pumps are expected, he’s optimistic that after the May long weekend, prices will stabilize before possibly rising again by mid-summer.

 

“Vancouver has already seen prices hit $1.80 a litre,” McTeague said.

 

“The national average could hit $1.45, but prices will likely continue to climb during July and August.”

 

Though prices may continue to climb over the summer, McTeague reassures drivers that a significant surge is unlikely.

 

“We’re not going back to $2 a litre.”

 

 

 

 

This article was first reported by CTV News