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Imperial Oil Ltd
Symbol IMO
Shares Issued 523,402,540
Close 2024-11-08 C$ 101.86
Market Cap C$ 53,313,782,724
Recent Sedar Documents

Globe says CNRL, rivals worry about Trump and oil

2024-11-11 08:04 ET - In the News

See In the News (C-CNQ) Canadian Natural Resources Ltd

The Globe and Mail reports in its Monday, Nov. 11, edition that president-elect Donald Trump has promised tariffs on imports, leaving export-focused Canada concerned about the impact. The Globe's Kelly Cryderman writes that Canada's largest export, oil, may be treated differently than items like auto parts or steel. While it is uncertain how Trump will act in office, there are reasons to believe oil will be regarded as a unique trade category. Gasoline prices will impact both Mr. Trump and Democrat Joe Biden, as noted by Rystad Energy, which states that U.S. consumers prefer low-cost, energy-intensive living. To address rising gasoline prices, Mr. Biden previously released emergency oil supplies, encouraged domestic drilling and sought increased production from Saudi Arabia. Mr. Trump, promising to cut energy costs significantly, will also take measures to stabilize gasoline prices, ensuring sufficient supplies from Canada. Despite being the world's largest oil producer, the U.S. has reached a record high in Canadian oil consumption, at 4.3 million barrels a day in July. Calgary and Houston have strong economic ties, particularly in the energy industry, which flows primarily north-south.

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