If you own a car, oil changes are an annoying fact of life — and often an expensive one, especially if you own a hybrid vehicle. Unfortunately, like everything else in life right now, they’re about to cost you even more thanks to the rising price of motor oil. That’s going to make getting ready for your Memorial Day road trips (and beyond!) a little bit more of a burden on your budget.
Why Motor Oil Prices Are Skyrocketing
As you may have already guessed, motor oil prices are being affected by the war with Iran. Just like gasoline prices, the price of crude oil determines the price of motor oil that goes into your engine.
But there’s another factor at play with motor oil specifically: the shutdown of the Strait of Hormuz. That has meant very little oil has passed through since the war started, and industry experts are warning that a motor oil shortage is going to hit the U.S. very soon.
“We’re looking at shortages — I have no doubt in my mind,” said Holly Alfano, CEO of the Independent Lubricant Manufacturers Association, in an interview with CNN. “It’s a big mess — and it’s not going to be resolved quickly. It could take a year or so before we see any real relief.”
When a product is in short supply, prices go way up. Couple that with multiple motor oil price hikes since the war started, and you have a recipe for car maintenance cost disaster.
Automakers are already sending their dealers notices of an impending motor oil shortage, according to The Drive. At least two manufacturers have sent or are planning to send them soon, including Nissan.
“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,” says the Nissan notice sent to The Drive. Toyota has already sent out a similar notice.
How Much Your Next Oil Change Might Cost
While we don’t really know just how high oil change prices could go, the sky’s really the limit, especially if the Strait of Hormuz remains closed indefinitely.
If you’re used to paying $80 to $100 for your oil change, you can probably expect to pay $100 to $120 or more, said Jason Lyon, president of the Preventative Automotive Maintenance Association, in an interview with MarketWatch.
The shortage will hit owners of hybrid cars and newer fuel-efficient engines hardest, according to Yahoo Autos. They use low-viscosity synthetic oils, which also made their oil changes more expensive before the war even started.
There are a couple workarounds that car makers are recommending. Neither are great options, but there’s not going to be a choice if the shortage gets bad. You can either switch to a heavier motor oil than is recommended for your engine, or you just simply put off getting an oil change. If they’re going to start costing us $150, we might not have any choice.
More From Cheapism
- How to Get Cheaper Gas as the Price of Oil Rises — Most drivers have heard they can get a little more mileage out of their gas tank by accelerating more slowly or laying off the air conditioning. That’s an especially smart moves as gas prices hover around $4 a gallon — especially with many people hitting the road for holiday travel.
- Avoid These 8 Oil Change Scams and Problems — What could go wrong at a quick lube shop? We’ve got a list of eight scams and ripoffs that you could encounter at commercial oil change shops.
- Remember Airline Fuel Surcharges? They’re Back — To offset those price increases, airlines around the world have once again started raising their fuel surcharges, passing the increase on to their customers.
