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Synthetic motor oil shortage worsens: What oil shortage means for your wallet
WCPO 9 Cincinnati • • business
Key Points:
- Motor oil prices are rising significantly this year, with synthetic oil costs increasing by 20% to 30%, impacting drivers, especially those with vehicles requiring specific synthetic blends.
- A shortage of low-viscosity synthetic oils like 0W-8 and 0W-16 is affecting newer hybrid and fuel-efficient vehicles, with some retailers limiting purchases due to supply disruptions linked to the Iran war.
- Shops servicing imported and high-performance vehicles face challenges in sourcing required synthetic oils, leading to higher costs and limited availability through the end of the year.
- Experts advise drivers to plan ahead for oil changes by securing oil supplies early but reassure that modern oils are more durable and do not require overly frequent changes.
- Ongoing geopolitical conflicts in Ukraine and the Middle East continue to disrupt oil refinery operations, suggesting that shortages and higher prices may persist in the near future.
