Oil Prices Are Rising – Roof Prices Are Too
It’s no secret that the price of crude oil has been increasing at an alarming rate in recent months. It’s also no secret that these price increases are affecting costs across the board, but did you know the price of oil could directly affect the cost of your new asphalt shingle roof in Pittsburgh? Oil prices directly affect the price of goods made with petroleum. What does that mean for your plans and dreams of a new roof?
A Short History of Crude Oil Pricing
Crude oil prices have been increasing at a steady clip throughout 2021 and 2022 after taking a dip during the pandemic in 2020. So far in 2022, prices are up 25% from the close of 2021, and in 2021 prices increased a whopping 55% from the close of 2020. The price of crude oil has a huge impact on the overall economy from changes in supply and demand to confidence in the economy. Shockingly, in 2022, the demand for petroleum-containing goods has barely decreased at all.
Gas Prices and Increased Costs
When most people consider oil prices their first thought is fuel. Crude oil is not the only factor in determining gas prices, but it’s been determined to account for at least 50% of the price of gasoline. In February 2022, for example, the price of crude oil contributed 61% to the price tag at the pump. What does this mean for you when you’re ready for your roof replacement in Pittsburgh? Unfortunately, it could mean a higher price than you were hoping to pay. When you think of a roofing contractor do you think of someone showing up in a fuel-efficient, tiny coupe? Not likely. Roofers need vehicles that can accommodate their crew, equipment, and materials. This usually means large trucks and vans that come with a distinct lack of fuel-efficiency and a gas tank that seems nearly bottomless. While any roofing contractor worth their salt will do whatever they can to not allow this to affect their customers, eventually some of those increased costs will have to be passed along.
How Crude Oil Prices Affect Shingle Prices
Your first thought when you consider increased oil prices is likely not that the price of your new roof will increase. Did you know, though, that oil is one of the main ingredients in asphalt shingles? Asphalt is the main, water-based ingredient in shingles and is an end-product of the oil-refining process. It stands to reason, then, that when the price of oil increases so will the price of shingles. Fortunately, the cost of shingles doesn’t fluctuate with the cost of oil as aggressively as gas prices do, but with consistently rising oil prices shingle prices will eventually catch up. This can create a barrier for Pittsburgh residents who are looking to replace their roof with new asphalt shingles in the era of increasing oil prices.
Striking A Balance
A reputable roofing company like MHI Roofing will be on standby to help you navigate the rising costs associated with increased oil prices and help strike a balance for the cost of your new roof. The fact of the matter is that by the time you need to replace your roof there’s no longer time to waste and the replacement will need to happen regardless of the economy surrounding you. MHI Roofing is your leading asphalt shingle roof expert in Pittsburgh, and we’re ready to help. In addition to doing our utmost to avoid passing on these rising costs to our customers as much as possible we will help you consider a few options to find the best solution for you.
Consider a different shingle type
Different styles and brands of shingles have different asphalt content. We can help you find a shingle that may not have experienced the same increase in costs as other types of shingles so you can avoid excess costs.
Consider a different roofing material
While other materials are almost universally more expensive than asphalt shingles even with the rising costs, you may find that a different material seems more cost-effective to you at this point due to longer lifespans and more durability.
MHI Roofing is committed to helping the Pittsburgh community find the best solution for their roofing problems even in the midst of drastically increasing oil prices. Call today to schedule your free inspection and discuss your options.