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U.S. markets recover from steep losses
WAYNE, N.J., June 25 (UPI) -- Oil and rubber price hikes are sending tire prices higher in the United States, creating consumer hesitation in the tire market, industry observers said.
Prices for rubber, which typically makes up 25 percent of the raw materials in a tire, are near a 25-year high, USA Today reported Wednesday.
Oil, which makes around 60 percent of a tire's composition, peaked at a record $139.89 on June 16 and remain above $130 per barrel.
Tire prices are now 5 percent to 10 percent higher than a year ago and could rise further, the newspaper reported.
"We're seeing more and more customers every day deferring their tire purchases," William Bainbridge, director of brand communications for Hankook Tire American, told the newspaper.
"Consumers are shocked by tire prices," he said. "Buying a tire isn't something people want to do."
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