The ‘imminent’ oil crisis isn’t at the pump—it’s under your hood
The automotive industry is facing an impending crisis due to a severe shortage of essential motor oils, primarily driven by the closure of the Strait of Hormuz. This disruption has caused the price of critical Group III base oils, largely sourced from the Middle East, to nearly triple. Consequently, motor oil prices have increased by approximately 35%, with further hikes and scarcity expected in June, impacting not only consumers but also industrial manufacturing, agriculture, and the military. AI
