How Oil Prices Can Influence the Cost of a New Roof
When most people hear that oil prices are on the rise, their first thought is usually about how it will impact their wallets at the pump. What few people take into consideration is how oil prices can affect their quote for a new roof installation. This is the topic of an informative article published by Roofing Tutor entitled How Much Does the Price of Oil Affect the Cost of a New Roof.
This article explains that changes in oil costs will not cause roofing prices to fluctuate like gasoline prices, but the change can affect the bottom line when you are getting a quote for your new roof installation. There are two main reasons:
- Changes in shingle prices: If you are planning to have asphalt singles installed on your home, bear in mind that one of the main components of these shingles is oil. While manufacturers will not constantly adjust their pricing to meet the costs they accrue purchasing oil, if the oil prices increase significantly or stay higher for a steady period of time, they may be forced to adjust their pricing to make up for the added costs.
- Increased costs for roofing contractors: Your contractor will be bringing materials, and hauling away old roofing material in trucks that use a lot of gasoline or diesel fuel. They may also use gas-powered machinery such as air compressors and generators. When oil prices are high, this means a higher cost for contractors to use their vehicles and machinery, and this can significantly cut into their profits. For this reason, when oil prices are high, many contractors will increase the costs of installing the roof to adjust for this added expense.
The author of the article points out that “while it is impossible to know the precise impact on prices, total roofing costs have risen 5% to 10% in the last couple of years as the cost of gas has risen by about 25%. Roofing remains a competitive business, however, and roofing contractors have absorbed much of the increase as the cost of doing business.
You can learn more by reading the full article here.
If you are in the market for a new roof installation, right now is an excellent time to start meeting with potential contractors and gather quotes. Baltic Home Improvements is a leading roofing contractor in the southwestern Chicagoland area and we are available to handle your roofing maintenance, repair or installation job. With over ten years of experience serving area residents, we have built a strong reputation and a long list of references. Contact us today to learn more and to schedule an appointment for a free evaluation of your roofing job.
Image Source: Mike Mozart