A prolonged strike shutting down Venezuela's exports of crude oil to the U.S. and uncertainty leading up to the Iraqi war caused a surge in oil prices that immediately impacted the asphalt paving industry during the first quarter. From last November to this month, the price of the benchmark West Texas Intermediate crude oil rose 43%, from $26.29 per barrel to $37.50. Asphalt paving prices soon followed.

During the first quarter, ENR's 20-city average price for liquid asphalt increased 10%, to $174.87 per ton. And it may take another month or two for the full impact of the March oil price to be reflected in ENR's statistics.