Industry bulletins warn that oil shortages will soon lead to higher prices for American households and businesses. As the Iran war continues to drag on, another unforeseen economic impact is likely to hit American budgets very soon.
Tightening oil supplies from the shutdown of the Strait of Hormuz have already raised gas prices, but industry experts now say it is also causing a shortage of lubricants synthesized from specialized base oils.
“This will impact not only consumers, but also industrial businesses that depend on machinery (which will end up impacting costs and supply throughout the economy),” the experts cautioned.
Internal communications from Nissan and Toyota indicate that service centers are experiencing shortages of motor oil stocks, resulting in increased prices.
A Nissan bulletin stated: “Due to ongoing global supply constraints impacting key raw materials and refining inputs due to the Middle East conflict, we have been advised of reduced production capacity for most lubricant products.”
The bulletin outlined an expected drop of 45% for some motor oil supplies.
