Asphalt is the main waterproofing ingredient for many roofing materials, including the majority of shingle products. But many don’t know it is made from petroleum. Asphalt is a black sticky semi-solid form of petroleum made from crude oil. In addition, gas is a huge indirect cost of roofing materials. Both raw materials and finished roofing products have significant transportation cost because of the size and weight. In short, gas and roofing prices are definitely linked.
However, while these prices are directly linked, they move slowly. As of June 2019, the gas prices are significantly higher than they were in the fall, and there has been only a slight increase in roofing material prices.
So, what is going on?
As gas prices rise, the cost to manufacture the roofing materials, and consequently the cost of a new roof, is higher. But don’t sit around and wait for a decrease in costs. There’s been a general trend of rising cost over the last decade. According to the US Bureau of Labor Statics, fluctuation in gas prices varies much more than in asphalt prices, but both trend up to show a general rise in both gas and asphalt. There was no real fall in roofing prices, and based on this history, a drop is unlikely. The best we can hope for is keeping the increases in check.
Call us today to schedule a roof inspection or an appointment to go over the insurance process at 832-840-1400!