Other Household Costs Impacted by Oil Prices

We’re all experiencing increased prices for gasoline. Gas price increases are also hitting the supply chains for goods in stores, because it now costs more to run the trucks that haul finished goods. But increased oil prices also impact other things we spend our money on.

• Clothing and other fabric goods: Polyester, spandex, and other types of fabrics are derived from petroleum. Higher oil prices may cause a modest increase in prices for new clothes and other items made from these fabrics.

• Plastic household items: Plastic kitchen utensils, storage containers, and even toys may cost more, because many plastic items are petroleum-based.

• Heating oil and propane: The price of crude oil has a direct effect on the costs of heating oil and propane. Heating oil prices are up almost $2 per gallon over last year’s prices. Maybe we should be thankful that summer is here with warmer overnight temperatures.

Here are some ways to save while oil prices fluctuate:

• Cut back on driving your car: Try carpooling or use public transportation. Walking or biking not only saves on gas but offers a health boost.

• Stock up on everyday goods: Buy in bulk, but only what you really will be using.

• Review your budget: Find a way to slightly reduce spending in each budget category and set that amount aside to deal with unexpected cost increases.

It’s more important than ever to stay informed on how oil prices are moving and look for ways to trim your costs until prices come back down.