It’s no surprise that fuel prices are going up as the price of crude oil rises, but the realization that everything else that’s made from oil is going up, too, is sinking in for many.
The Fort Worth Star-Telegram reported that buyers of bulk lubricating oil have seen its price jump 10 percent in the past year. Tire prices have shot up as much as 15 percent in the last year, and antifreeze, which contains ethylene glycol, has gone up by 30 percent in some regions.
Oil is also a key ingredient in asphalt. As oil prices rise, the price of asphalt keeps pace.
“It doubled in 2006, or it almost doubled, then it slackened a little bit,” said Mike Lee, president of Issaquah, WA-based Lakeside Industries, which paves from Portland, OR, up to Canada. Lee told The Oregonian, “"Now it's getting ready to jump again; 2008 is going to be another big year.”
As of noon on Tuesday, Feb. 26, light sweet crude scheduled for April delivery was trading at almost $101 per barrel.