Another round of price hikes hits the industry. According to Tom Glenn at Jobbers World, pretty much every major oil company recently announced lubricant price increases ranging from 5 to 10 percent. Chevron kicked off the party, followed by ExxonMobil, ConocoPhillips, Shell and CITGO. Glenn notes that the increases roughly amount to a $0.40-per-gallon increase for lubricants.
Of course, it has to be noted that the price of base oil has increased some $0.30 per gallon in just the last month as crude oil prices have zoomed past $100/barrel due mainly to the weak dollar. Just don’t get me started on whether or not I think the dollar is being kept artificially low by the Federal Reserve.