Consumers could soon face higher prices on a wide range of plastic goods as energy costs climb amid the war with Iran, according to economists and supply chain analysts.
Oil prices have risen more than 40% since late February, increasing the cost of producing plastics, which are largely derived from fossil fuels.
CNN reported that products such as disposable cutlery, bottled beverages, and garbage bags are expected to be among the first to see price increases, according to Patrick Penfield, a supply chain professor at Syracuse University.
Because plastics are used throughout manufacturing and packaging, the impact is expected to extend beyond individual products and into general consumer pricing.
"You don't know if it's more expensive due to general inflation, rising rents, but you are paying for this," said Joseph Foudy, an economics professor at New York University.
Higher packaging costs could begin affecting food prices within two to four months as companies work through existing inventory, while industries with longer production cycles, such as automotive manufacturing, may see delayed effects.
The increases are tied to rising oil and natural gas prices, influenced in part by concerns over shipping disruptions in the Strait of Hormuz, a key route for global energy supplies.
The waterway carries one-fifth of the world's oil and liquefied natural gas, making it critical to petrochemical production.
Since the conflict began, crude oil prices have climbed from about $67 per barrel to peaks above $98, while natural gas prices in Asia and Europe have risen more than 60%.
More than 99% of plastics are produced from fossil fuels, meaning higher energy prices directly affect both raw materials and manufacturing costs.
The Middle East supplies a significant share of key plastic materials, including polyethylene and polypropylene, with a large portion of exports passing through the Strait of Hormuz.
Recent data shows prices for plastic resins have already increased by double digits across most categories in the past month.
"In my 25 years in the plastics industry, I've never before seen a monthly increase this large," said Michael Greenberg, CEO of the Plastics Exchange.
Analysts say there are limited short-term alternatives to plastics, and switching materials often requires costly production changes.
If elevated energy prices persist for several months, consumers could face higher prices for plastic-based goods for an extended period, even if conditions stabilize.
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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