All else equal, this would increase gasoline prices, which in most of the country have averaged $3 per gallon for the past year amid historically low levels of petroleum inventories (see chart). But Trump wants lower gasoline prices, which is why if the oil tariffs come at all, they will likely start slowly.

The market anxiety ahead of Donald Trump's self-imposed Feb. 1 deadline for a first round of tariffs focused on oil and gas after the president appeared to acknowledge Thursday there could be issues with the energy staples in his overall plans.

Oil futures ended lower Friday, contributing to a loss for the week, though prices held on to a gain for the month as traders awaited a tariff decision by President Donald Trump on crude imports from Canada and Mexico.

President Donald Trump says his 25% tariffs on Canada and Mexico are coming on Saturday. Trump also said he'll "probably” decide on Thursday night whether to include oil from those countries as part of his import taxes.

Welcome to our guide to the energy and commodities powering the global economy. Today, reporter Robert Tuttle looks at the close integration of US-Canadian oil markets and what that means for Donald Trump’s tariff plans.

Oil prices were steady on Friday but on course for a weekly decline as markets wait to see if U.S. President Donald Trump follows through on his threat to impose tariffs on Mexico and Canada this weekend.

President Donald Trump said he would impose tariffs on a wide range of imports, including oil and metals, in the coming months, expanding his plans to enact sweeping trade levies well beyond those set to hit China,

Oil futures ticked lower Friday and were on track for weekly losses as traders awaited a decision by President Donald Trump on tariffs on imports from Canada and Mexico.