Higher crude oil prices could mean higher prices for refined products – everything from tires to roof tiles and plastic containers.
The oil industry includes a wide range of everyday products – thousands. Here are just a few products that are partially derived from oil.
California has the highest average gas price in the country at $5.72 per gallon. Several areas of the Golden State recently topped $6.00 after the oil market soared during the Russo-Ukrainian War.
A Connecticut-based bespoke display maker said it expects orders for its acrylic sheets, a petroleum-derived thermoplastic, to skyrocket.
“I think we will definitely see price increases in future orders,” Ed Abdelmoor, owner of Lorex Plastics, said in an interview with Yahoo Finance.
Acrylic prices have risen about 40% due to severe supply disruptions during the pandemic, Abdelmoor said. He said they were back about 4-5% from pre-COVID levels. However, the recent surge in oil prices could see prices rise again, at least temporarily.
US brands West Texas Intermediate (CL=F) and Brent (BZ=F ) rose to multi-year highs last week but fell this week due to talks between Ukraine and Russia.
“People will pay more for lubricants, motor oil, tires, shingles. Local governments that build roads will pay more for asphalt, which accounts for 15-25% of paving work.” Andy Lipow, Strategist at Lipow Oil Associates , said:
“FedEx, UPS and Amazon have been impacted by the diesel price hike and will eventually have to increase their shipping rates,” Lipou said.
Last week, Uber said it would begin introducing a temporary surcharge on gas prices that would be paid directly to drivers.
Post time: Nov-18-2022