I just showed you a small part. If we import $250 billion in oil a year, import tariffs would raise prices by $25 billion. If we also produce $250 billion of domestic oil, those prices will increase $25 billion as well. Prices just rose twice as much as tariffs.
Do I need to continue, or does that old econ class you took give you any hints?
Retired Freepers will also probably like to thank you for raising their costs.
And even if prices did rise more than $1500 per person, the fact is that we would have 30% more people working.
Please (pretty please) show me how raising prices adds 30% more jobs.
Use you economics knowledge.
Imported oil prices may not even rise. OPEC may decide that it's better to keep the price down to prevent further innovation, and they may lower their price. In that case, our tariff, would be offset by them taking lower profits.
Prices are currently falling because U.S. Production is going up. That's driven by the current price. U.S. Production is expected to continue increasing for a while, until the price of oil drops further.
If you raise the tariffs on imported oil, you might get a temporary price increase, but that will just help speed the increase in U.S. production. Which is good for the U.S. and good for U.S. jobs.
Imported oil prices may not even rise. OPEC may decide that it's better to keep the price down to prevent further innovation, and they may lower their price. In that case, our tariff, would be offset by them taking lower profits.
Prices are currently falling because U.S. Production is going up. That's driven by the current price. U.S. Production is expected to continue increasing for a while, until the price of oil drops further.
If you raise the tariffs on imported oil, you might get a temporary price increase, but that will just help speed the increase in U.S. production. Which is good for the U.S. and good for U.S. jobs.