Asphalt Prices

The cost of asphalt continues to climb, and it may be time to rethink your driveway replacement options. Asphalt is a petroleum-based product. Its price is influenced by many factors, such as the costs of crude oil and fuel. In the past, the costs of crude oil were relatively low. However, this has changed. Currently, oil prices are among the highest they have ever been. These changes have a major impact on the asphalt industry.

As a result, the average cost of liquid Asphalt has increased by 50%. This is the largest increase in the last decade, and the rise has been accelerating. Since the start of the year, fuel costs have risen by $4 per ton. While this is a small price increase, the increased costs are having an impact on the cost of paving. Many homeowners are rethinking the cost of replacing their driveways.

One of the biggest reasons for the jump in asphalt prices is the increase in upstream crude prices. These increases have a direct effect on the cost of paving materials, as the cost of fuel to transport the raw materials is also a huge factor. Previously, paving companies paid for contractor reimbursements when oil prices fell. But now, they only pay for a portion of the expense.

Why Have Asphalt Prices Increased?

Another reason for the increase in asphalt prices is the recent rise in diesel fuel costs. Diesel is used to transport aggregates and other materials to paving sites. When these costs are high, it is difficult to justify spending money on asphalt. Moreover, government regulations have increased the cost of sulphur fuel.

Other factors that affect the cost of paving include time gaps. There is a wide range in time between when new asphalt plants open and when the actual paving of a road takes place. Depending on the region and the state, it can be hard to predict the exact cost of a job. Although these factors are likely to have an effect on paving rates, there are other ways to reduce the cost of a paving project.

The best way to minimize the cost of paving is to maintain your current driveway. Even if you decide to replace it, it is wise to keep it in good condition. You will save money in the long run. If you are planning to rehabilitate or replace your old driveway, be sure to seal the surfaces well and take advantage of the right paving products to prevent costly repairs in the future.

The cost of a barrel of crude has also increased, leading to higher prices for all of the petroleum-based materials used in road construction. This is the main driver of the current price of asphalt.

With a global demand for crude oil increasing, it is no wonder that asphalt prices have risen in recent years. While the price of crude oil has a large impact on the cost of paving materials, the price of gasoline has also increased.