Oil prices barely moved on Tuesday as investors weighed the impact of U.S. tariffs on countries buying oil and gas from Venezuela against the effect of tariffs on industries such as automobiles on the global economy and oil demand.

United Refining Company Chairman John Catsimatidis joins ‘Fox & Friends’ to discuss the impact President Donald Trump’s latest tariffs on countries buying oil and gas from Venezuela could have on global trade.

Sen. James Lankford (R-OK) has introduced a bill that would change the calculus by allowing oil companies to deduct some of their largest expenses against the minimum tax. Lankford’s bill is included as a priority in the policy blueprint of the American Exploration & Production Council, which represents large independent oil and gas companies.