Costco Slashes Motor Oil Sales Amid Price Hike
Costco Wholesale has begun limiting motor oil sales at its stores and increasing prices. The company's 2-pack of 5-quart Kirkland Signature 5W-30 Full Synthetic Motor Oil now costs $57.99, a 61% price increase from the $35.99 it was nine months ago. Some Costco locations have also capped certain motor oil products at two per customer.
The price hike is due to multiple oil industry pressures, including new lab tests required by the American Petroleum Institute and the cost of licensing General Motors' dexos1 Gen 3 label. Oil shortages are also contributing to the price increase, as refiners can earn more profit by converting crude oil into gasoline and diesel.
Some customers have expressed concern about the impact on businesses that perform oil changes and their own wallets. However, Rob Benson, a Colorado-based content creator, has warned that disruptions are coming due to ongoing conflicts in the Middle East, advising customers to stock up on motor oil while it's still available at discounted prices.
A super PAC called Really American has also linked the price increase to President Donald Trump's war with Iran. However, the claim remains unsubstantiated and unverified.