Foreign oil producers' decision to lower their petroleum production may affect the price of asphalt as the street paving season begins, said Glenn Pacchiana of Thalle Industries.
BRIARCLIFF MANOR, N.Y., May 2, 2023 /PRNewswire-PRWeb/ -- Foreign oil producers' decision to lower their petroleum production may affect the price of asphalt as the street paving season begins, said Glenn Pacchiana of Thalle Industries.
"Any reduction in petroleum production can affect the price of asphalt, whose main ingredient comes from crude oil. On top of a petroleum production cut, increased summer travel and road repair could put upward pressure on the price of asphalt," said Glenn Pacchiana, CEO of Thalle Industries, a supplier of asphalt products in New York's Hudson Valley.
Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) announced on March 31 that they will cut their output of petroleum by more than a million barrels a day starting in May. Asphalt is the heaviest part of crude oil that remains after the lighter parts of the oil are distilled for products like gasoline.
April marks the beginning of the road construction season in New York and in many northern U.S. states. Thalle Industries is an environmentally responsible supplier of high-quality virgin and recycled aggregate and asphalt products for the construction industry in New York's Hudson Valley.
Thalle's 350-tons-per-hour asphalt plant opened on April 1, and over the winter it was upgraded with the latest burner and silo technologies. During the height of the paving season, the plant can load pavement trailers and trucks within three minutes.
One of Thalle's first big orders of the paving season will deliver 34,000 tons of asphalt to ELQ Industries starting in mid-April for the repaving project along Route 9 near Poughkeepsie, N.Y.
The OPEC decision to cut petroleum production happens as many states and local governments spend federal funds allocated in the $1.2 trillion infrastructure bill adopted by Congress in 2021.
Thalle Industries is an environmentally responsible supplier of high-quality virgin and recycled aggregate, asphalt products and brownfield fill for the construction industry.
Dean Bender, Thompson & Bender, 914-391-6042, [email protected]
SOURCE Thompson & Bender