War could make petroleum products from clothes to crayons more costly
AP News
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The Iran war’s most tangible and immediate effect for many people outside the Middle East has been spiking gasoline prices.
But crude oil isn’t just refined as fuel.
Petrochemicals derived from oil and natural gas go into making more than 6,000 consumer products.
A list produced by the U.S. Department of Energy includes everyday items ranging from computer keyboards, lipstick, tennis rackets and chewing gum to aspirin, umbrellas and nylon guitar strings.
Petroleum derivatives also are used in a lot of product packaging.
Shoe and apparel trade groups and companies that sell stuffed animals, home products and medical supplies are looking at price increases or other ways to offset higher materials costs.
Hormuz blockade drives up costs
- Strait of Hormuz blockade drives up costs at Panama Canal The Straits Times —
- CNBC Daily Open: TACO truce and a Pacific warning CNBC —
- Oil Traders Say Billion-Barrel Hole Will Linger Long After War Bloomberg —
- Hoarding Is Driving Energy Prices Higher Everywhere The New York Times —
- Petroleum infuses a multitude of everyday items the Iran war could make more expensive ABC News —