President Donald Trump’s new 10-percent tariff on Canadian energy will significantly impact New York State, where most of the state’s energy supply comes from Canada. Experts warn that this could lead to higher electricity and gas prices for consumers and businesses.
The US heavily relies on Canadian crude due to its specific composition, but Canadian hydropower plays a crucial role in New York’s electricity supply, particularly in regions like the North Country and New York City.
While the US is a net exporter of crude oil, experts say there isn’t an immediate substitute for Canadian energy imports. This could lead to higher prices on gasoline.
New York Governor Kathy Hochul expressed concern over the potential rise in gasoline prices, stating she wouldn’t be surprised if costs went up tomorrow. The state’s electricity grid operator, NYISO, is working closely with Canada to ensure a reliable supply of electricity.
Trump’s tariff is expected to cause increased costs for energy consumers and businesses, with Justin Wilcox, executive director of Upstate United, warning that “higher energy prices could be on the horizon.”
Source: https://cbs6albany.com/news/local/trumps-canada-tariff-may-spike-ny-electricity-gas-prices-experts-warn