By Jon Jordan, NEWS 9
OKLAHOMA CITY -- Oil prices are dropping and many people who depend on driving for a living are reaping the rewards of the cheaper price.
Futures trading shows the commodity is sitting at nearly $60 a barrel. That's also important for contractors who use petroleum products like asphalt. But, the roofing industry is a good example of how oil prices are not having an impact on local businesses.
A single shingle contains a small amount of petroleum, but lower gas prices are not affecting the cost of those supplies.
Just a few months ago, a roofing supplier was able to get a square of roofing material for around $30. Now, that cost has jumped up to $80 for the same amount of material.
It's been attributed to supply and demand. With recent storms, particularly the hurricanes that recently devastated Texas, roofing supply prices are being driven up.
"The price structure is a little different than gas," Chris Stockton said.
Cliff Stockton, one of Oklahoma's biggest suppliers of roofing materials, does not have high hopes for costs going down anytime soon.
"Pricing structures right now in Oklahoma, we don't see anything in the near future where pricing is going to go down. Probably going to stabilize now, and if there is a pricing reduction, it's probably going to be in March, April, May of next year," Chris Stockton of Northwest Building supplies said.
Cliff Stockton said there's a common misconception with roofing prices. Unlike most petroleum products, roofing uses very little, the real impact on their prices is demand, and right now demand is high.
"I had a one shingle roof and we put it off," Bob Stockton said.
Bob Stockton continued to do just that, put off re-roofing his house, especially after hearing the cost to do would be well over $30,000.
But, by looking for the right insurance agent who could get him a good price, Bob Stockton was able to get a new roof without putting a huge hole in his wallet.
"I just had to pay my deductible, my insurance company paid the rest of my bill," Bob Stockton said.
For those without a good insurance agent, you may find yourself having to wait till the weather warms.
"Roof material went up so quickly that the insurance couldn't follow at the same pace. Now with the insurance putting out to reroof, now is a great time to re-roof your home," Bob Stockton said.
If you need a roof repair before winter, check with your insurance agent before you pay out of pocket. They could get you a better deal.
For those who can put off having your roof repaired until the weather warms, roofing prices are expected to be considerably cheaper by then.