Gasoline prices may rise if Trump slaps tariffs on Canadian crude oil in March [Video]

President Donald Trump‘s threatened tariffs on Canadian crude oil imports could raise gasoline prices for U.S. drivers if the levies are enacted next month, according to major refiners and energy analysts.

Trump issued an executive order on Feb. 1 imposing a 10% tariff on Canadian energy imports to the U.S., in addition to sweeping 25% levies on goods from Canada and Mexico. The tariffs are currently on hold until March 4 after Mexico City and Ottawa reached an agreement with the White House.

Refiners particularly in the Midwest have become reliant on Canadian crude imports despite the fact that the U.S. is the largest oil producer in the world, outpacing Saudi Arabia and Russia. This is because Canadian crude is heavier, lower quality and therefore cheaper to purchase, according to Wells Fargo analysts.

Marathon Petroleumprocesses a significant amount of heavy crude and expects costs to increase if the tariffs on Canadian energy go …