HOUSTON, March 7 (Reuters) - Motiva Enterprises Chief Executive Dan Romasko said on Tuesday that U.S. consumers would likely react negatively to higher fuel prices due to a proposed border tax on imports.
“It’s hard to imagine that consumers will accept the tax as prices go up,” Romasko said in remarks at the CERAWeek conference in Houston. “It’s hard to believe they won’t think of this as a subsidy to the energy producers.”
The tax on imports proposed by the Trump administration would likely lead to increases in domestic oil production to take advantage of the demand from refiners for lower cost crude, he said.
U.S. refiners would also improve operating efficiencies to reduce their costs, Romasko said. (Reporting by Erwin Seba; Editing by Marguerita Choy)