Received a press release this morning that North American Lubricants is dropping their prices, as well. No word on the amount of the price increase, which takes place on orders placed today.
Shane Terry, president of North American Lubricants, cited a softening in the base oil market as one of the key factors in the price drop. Despite a rapid decline in the price of crude oil, the base oil market had not seen a dip in prices due mainly to refinery damage caused by Hurricane Ike. With those damaged refineries and blending plants now up and running, the price of base oil is dropping, allowing oil companies to pass on those savings to their customers.