USA Today reports that fewer roads will be repaved this summer because of the rising cost of oil-based asphalt. This story likely has local applications:
Some states, cities and counties say their road-repair budgets didn't anticipate asphalt prices that are up 25.9% from a year ago, so they're being forced to delay projects.
"We will do what patching we can, but this will truly, truly be a devastating blow to the infrastructure," says Shirlee Leighton, a county commissioner in Lake County, S.D., where a 5-mile repaving project was postponed after bids came in $79,000-$162,000 higher than the $442,000 budget.
The mix used to resurface roads consists of gravel and sand held together with a binder called liquid asphalt, which is made from crude oil. As oil prices rise, so does the cost of asphalt, says Don Wessel of Poten & Partners, a consulting firm that publishes Asphalt Weekly Monitor. "Prices are the highest I've seen in many, many, many years," he says. "The concern is that they will go up considerably."
A lot of attention is being paid to the truckers...
