By Chao Deng and Harriet Torry

Oil does a lot more than fill gas tanks.

Petroleum is used to make thousands of products, from golf balls to children's toys and shampoo. The amount varies widely -- goods with lots of plastic might have a petroleum content as high as 40%, according to Christie Sayes, professor of environmental science at Baylor University. For a liquid like shampoo, it might be more like 1%, Sayes said.

The Iran war triggered a big energy shock, and "large shocks travel fast, " said Alberto Cavallo, a Harvard Business School economist. Also, digitization and online competition have shortened the lag time between cost increases and price increases, and that means companies are making price decisions more quickly than in the past, he said.

Analysts say that most large companies have two to four weeks of petrochemical inventories, but that is going to dwindle in late March. Here are some of the surprising places oil shows up:

Chewing gum

The gum base that makes up about 15% to 30% of a typical piece of chewing gum is often petroleum-derived, academic studies show. Gum bases can also be completely natural, in which case there is zero to little petroleum-based product.

Golf balls

Golf balls' outer layer and inner core are made from synthetic polymers, which are created from chemicals often derived from petroleum. These materials are used because they are strong and flexible, helping the ball travel farther and last longer.

Toothpaste

Toothpaste is mostly made from water and minerals, but a small portion comes from oil-derived ingredients. Glycerin, a thick liquid that keeps toothpaste smooth and moist, can be a petroleum-based compound. Petroleum is also used to make detergents that help toothpaste foam and synthetics that improve shelf life.

Aspirin

Aspirin is made using chemical reactions in laboratories that often rely on petroleum-based ingredients. These inputs help make the medicine quickly and consistently, even if the final pill itself is oil-free.

Balloons

Many balloons are made from latex, which is a natural rubber from trees, but even latex-based balloons may require small amounts of oil-based chemicals during processing. Some balloons are made from synthetic rubber, which is created from petroleum. Similarly, the polyester film in those shiny foil party balloons is also made from crude oil.

What's more, helium, a byproduct of natural gas production, is in short supply because of the Middle East conflict. That could mean a double whammy for children's birthday parties.

Deodorant

While water, minerals and other non-oil substances help keep people smelling fresh, oil is involved, too. Oil-based substances can include lab-made fragrances, propellants that push spray deodorant out of the can, and stabilizing ingredients that help keep everything mixed evenly.

Perfumes

Modern perfumes rely heavily on oil, because their scents are made mostly from synthetic compounds. Using chemicals helps achieve longer-lasting products and a wider range of smells compared with using natural oils.

Clothing

It is hard to get dressed without encountering oil-based products, which are woven into modern clothing in the form of polyester, nylon, acrylic and other synthetic fibers. Some clothes are made of a blend of natural cotton and synthetics.

Makeup

Makeup contains a mix of natural and oil-derived ingredients. Common petroleum-based components include mineral oil, a clear oil that helps smooth the product on skin, and synthetic waxes that help improve products' texture. Makeup can also contain synthetic preservatives that are also based on petroleum.

Write to Chao Deng at chao.deng@wsj.com and Harriet Torry at harriet.torry@wsj.com

(END) Dow Jones Newswires

March 21, 2026 12:00 ET (16:00 GMT)

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