Crude Oil Prices

After closing at a new high on Friday, crude oil futures have declined more than a dollar a barrel on Monday.

Traders have been blaming the flare-up in tensions in the Middle East for the recent rise.

The fear is that the conflict will widen, endangering oil supplies.

Butler County Judge Executive, Hugh Evans says he's playing a waiting game to see if he can complete all of the road projects he received money for from the state back in February.

He says: "The estimate we give was the price we had at that time and after July 1st, it went up 49 percent, so it cuts way back on the funding you can do, how many roads you can blacktop."

Judge Evans says a ton of asphalt has risen to $59 a ton from $37 a ton, so the cost to pave a mile of road has risen significantly.

He says: "It'll cost roughly if we had one that was 25,000 it'll be 30 to 32,000."

Jody Allen, of Kenway Construction, says his business hasn't seen a decline, but some area city and county leaders are beginning to take a second look at the projects they have planned.

He says: "It's gotten to the point where people are taking another look at it and debating whether or not they want to continue with their projects or postpone them for some amount of time."

Allen says asphalt oil prices lag a few months behind crude oil prices, so right now business is steady.

He says: "The slowdown in business will probably not affect the paving business until spring of next year."

Judge Evans says he has requested more money from the state, so he can complete the 15 to 20 road projects he's promised the residents of Butler County.

Judge Evans says he hopes he'll know if Butler County will receive more money from the state in the next few weeks.


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