Should’a bought that EV! Joseph Brusuelas notes tariffs should show up in gas prices in the Midwest pretty quick.
Source: Brusuelas (2025).
Current price is about $3/gallon.
Source: EIA.
If the current price of petroleum (WTI) is $73.51. An increase in prices of 10% due to tariffs results in a $7.35 increase. This implies a 18 cent increase in gasoline prices from the tariffs, using Jim’s rule of thumb.