Costco Slashes Motor Oil Sales Amid Soaring Oil Prices
Costco has nearly doubled the price of its Kirkland Signature full-synthetic motor oil, from around $30 to approximately $58 per two-pack. The company is also limiting purchases to two boxes a week.
This price hike and purchase limit may be reminiscent of empty shelves during the height of the pandemic, but according to Patrick De Haan, head of petroleum analysis for GasBuddy, it's unlikely to impact most consumers. 'The normal car requires four to five quarts every 5,000 miles or so,' he explained, describing Costco's limit as 'what would be an extremely reasonable amount.'
The price increase is indicative of a larger trend: high oil prices. De Haan pointed to attacks in the Middle East, the Red Sea, and the East-West Crude Oil Pipeline in Saudi Arabia as contributing factors. The price for a barrel of Brent crude has reached its highest level in months, surpassing $109 per barrel.
The national average for regular gasoline is currently $4.31 per gallon, while diesel has set a record at $6.23 per gallon. These prices closely follow the trend of crude oil and may continue to rise due to ongoing tensions in the Middle East.