It's only fair to warn you that this column concerns tax policy, so maybe grab a coffee first. It's also about oil (if that helps).

One of the incoming Trump administration's priorities is tax reform. And one proposal outlined in Speaker Paul Ryan's "Tax Reform Task Force Blueprint" with big implications for oil involves a so-called border adjustment tax. This would effectively tax U.S. businesses on their imports while offering a break on domestically produced goods for export. In other words, it is designed to encourage making stuff in the U.S. rather than buying it from overseas.

This matters for global oil markets because, even though the U.S. is less dependent on foreign barrels than it was a decade ago, it is still a big part of global oil trading.