Oil and gas futures opened higher as theoretical tensions in President Trump's energy policy just got very real, very fast. Why it matters: New tariffs on Canada and Mexico could raise gasoline and home heating costs in places — even though 10% Canadian energy tariffs are lower than the 25% applied to other goods.

He added that the exact impact of tariffs on gas prices will likely be muddied by the annual spring price increase thanks to the expected increase in demand, scheduled refinery maintenance and switch to summer blends of gasoline, which would cause prices to increase 20-60 cents.

President Trump’s tariff on Canadian oil is expected to raise prices at the pump for U.S. consumers, if it takes effect as planned after a 30-day delay. Analysts told The Hill that the 10 percent