Oil Tarriffs

[MaxNix + 12]

Just a thought, if the U.S. imposes tarriffs on oil imports and no one else does, would the U,S, have the world's highest oil prices?

 

[Douglas Buckland + 6,308]

It seems likely that we would until the Saudi/Russian pissing contest is over, demand increases, the glut is dried up and some sort of balance is reached. At that point the price of oil would increase until it is at the point where supply/demand sets 

the price.

How long this would take is anyones guess at the moment.

The benefit would be a domestic oil industry on life support as opposed to in the boneyard.

Now if the shale oil dickheads then start pumping without restraint after all of this, we’ll get to repeat the exercise, at taxpayers expense, again in the future.

[Jan van Eck + 7,558]

The issue of "oil prices" depends on where you sit.   In terms of the commodity markets for crude oils, yes, a US import tariff might well translate into high or higher or highest crude pricing inside the USA closed market.  However, from the perspective of the retail buyer, that is likely not the case.  And the reason is that consuming nations tend to heavily tax refined oils, so you get the situation where US gasoline might be out there at $2.25/gallon, and European gasoline is out there at $8.50/gallon.  The big hit is the taxes.