Rising oil prices could affect thousands of products

American drivers were in for another unwelcome surprise at the pump Monday. The national average for a gallon of gas rose about 5 cents overnight to $4.065, an astonishing 46 cents higher than it was only a week ago, according to AAA, and only a nickel shy of the record set in 2008.

With the war in Ukraine escalating and talk of the U.S. imposing sanctions on Russian oil, the price of West Texas Intermediate crude — the U.S. benchmark — topped $120 a barrel Monday afternoon. Andrew Lipow, the president of Lipow Oil Associates, said traders were steering clear of Russian oil ahead of a possible embargo. “What you see is that the oil industry is imposing a de facto ban on oil from Russia, so, in essence, that takes oil off the market,” he said.

Climbing prices at the pump are the most visible reminder of the rising cost of oil. But what people can’t see is also costing them. Petroleum derivatives hide in thousands of everyday goods and household products, from microfiber to moisturizer to medicine. Their prices are rising, too.

“Petroleum is at the root of so many different products, from makeup to plastic bags to fertilizer,” said Patrick DeHaan, the head of petroleum analysis at GasBuddy.com. “You can’t escape the use of oil.”

About 60 percent of global oil consumption is in the form of fuel. Much of what remains goes into a staggering array of products and household goods, many of which don’t have obvious connections to oil.

Shoes and handbags made from vegan leather, for instance, are petroleum-based. So are nylon stockings, microfiber fleece and all sorts of other clothing made from synthetic materials. “If you wear eyeglasses, the cost of polycarbonate lenses just went up,” Lipow said, adding that he believes prices will go up on almost all goods with oil connections.