Your wallet could be feeling quite a bit lighter in the very near future.
Rising oil prices aren't just pushing prices higher at the gas pumps. Prices of thousands of everyday goods and household products, from microfiber to moisturizer to medicine, are rising, too, NBC News reported.
"Petroleum is at the root of so many different products, from makeup to plastic bags to fertilizer," said Patrick DeHaan, the head of petroleum analysis for Gas Buddy, told NBC. "You can't escape the use of oil."
According to the Department of Energy, petrochemicals derived from oil and natural gas make the manufacturing of over 6,000 everyday products and high-tech devices possible. Major petrochemicals -- including ethylene, propylene, acetylene and benzene, as well as natural gas constituents like methane, propane and ethane -- are necessary for the production of many of the items we use and depend on every day, the department added.
You might be surprised to find some of the items you use every day are actually derived from oil. Personal items such as hand lotion, shampoo, shaving cream, toothpaste, deodorant, perfume and lipstick -- are all manufactured with oil.
So are health devices like dentures, heart valves and hearing aids, as well as antihistamines, aspirin, pharmaceuticals and vitamin capsules. Have vision issues? Soft contact lenses and eyeglasses are also petroleum-based.
The list goes on -- bandages, cell phones, clothing, coffee makers, crayons, credit cards, detergent, footballs, glue, hair dye, hula hoops, ink, insect repellent, laptops, luggage, mops, nail polish, pajamas, panty hose, plastic toys, purses, shoes, sunglasses, swimming pools, tents, tires, trash bags, umbrellas, water pipes and yarn.
Analysts believe prices will go up on almost all goods with oil connections, including everything made out of, or packaged in, plastic.
"A lot of plastics are made with polypropylene or polyethylene, and the basic building blocks of those are propane and ethane," Stewart Glickman, an energy equity analyst at CFRA Research, told NBC. "Those typically are a percentage of the price of a barrel of oil."
The National Grocers Association also warned that rising fuel prices could lead to higher food prices, due to increased transportation costs.
On Tuesday, AAA reported that the average gas price in the U.S. was $4.17 -- a new record high. The average price increase went up by 55 cents since last week alone.
Also on Tuesday, President Joe Biden announced the U.S. is banning all imports of Russian gas and oil. Russia is the world's third-largest energy producer, and imports from the country make up about 10% of the United States' gas and oil imports. The president admitted that gas prices are expected to rise even more with this action, but he said he's is doing what he can to reduce the impact domestically,
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