Canada Tariffs to Increase Heating Bills for New England Customers, Irving Oil Warns
Irving Oil has notified customers in New England that the President's proposed tariffs on Canada will result in immediate price increases for heating bills. The cost of the tariffs, which the company refers to as a tax, will be added to remaining customer contracts.
Despite promises from the President to lower consumer prices, Irving Oil states that the tariffs will "result in price increases for our US customers and have impacts on energy security and the broader economy."
Economists have long forewarned that American consumers would bear the brunt of the tariffs, not the targeted countries. The President has acknowledged that Americans may experience some financial discomfort before promised economic benefits materialize.
The potential increase in heating costs comes at an inopportune time for New England, which faces high demand during winter months. States like Vermont rely heavily on energy imports from Canada, including hydro power, heating oil, and natural gas.
Senator Susan Collins (R-ME) has emphasized Maine's reliance on its northern neighbor, with 95% of heating oil sourced from Canadian refineries. A congressional delegation from New Hampshire has urged the President to reconsider the tariffs, citing estimates of a $375 winter heating cost increase per household.
Economists estimate that the tariffs will impose significant financial burdens on American families, potentially costing the average household $1,200 annually. This contradicts the President's executive order on reducing the cost of living for Americans.