You probably have no idea about all the items made from oil.
And if you did, you might be wondering why prices for those things aren't dropping.
Oil can be used to create a plethora of products people have in their garage, kitchen and even bedroom closet, according to the American Petroleum Institute.
We’re talking everything from deodorant to dashboards, lipstick to luggage, soft contact lenses to sandals.
Sports buffs also owe some of their equipment to the elixir pumped out of oil fields. Golf balls, surfboards and tennis rackets are just a few of the sports items that may utilize oil as a component.
For much of the past 12 months, oil prices have been in free fall. Last week, the U.S. crude benchmark price hit a 12-year-low, dropping below $30 a barrel.
Fuel's plummeting price isn't just affecting what’s charged at the gas pump. Manufacturers of goods made in part from oil are also saving some cash. But that's no guarantee that consumers will pay less at the shopping mall or car dealer.
“It’s certainly led to lower costs for producers of those products ... some more than others," Steve DuBuc, commodities expert and director in the procurement practice of consulting firm AlixPartners, said in an email.
Clothing makers are among those that may see a benefit, says Nate Herman, vice president of International Trade for the American Apparel & Footwear Association. "If sustained,'' Herman said in an email, "lower oil prices will lower the prices of key inputs for the apparel and footwear industry, particularly synthetic fabrics and rubber." Cheaper oil will also bring down transportation costs, key to that industry, he says.
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