The Energy Information Administration reports that the U.S. average price for regular gasoline increased five cents to $2.90 per gallon in the reporting period ending last week. The price was 82 cents above last year at this time. The average price on the West Coast (Alaska, Arizona, California, Hawaii, Nevada, Oregon, Washington) rose two cents to $3.08 per gallon, while the average in California moved up three cents to $3.12 per gallon.
     Diesel fuel prices also increased in all regions of the country, with the national average moving up more than four cents to $3.12 per gallon, 94 cents higher than last year. The West Coast and California averages each increased three cents to $3.24 per gallon and $3.26 per gallon, respectively.
     As of Friday, the stock market slid for a fourth day, erasing 2010 gains for U.S. benchmark numbers. The price of crude oil sank to $75.11, capping the biggest weekly drop since 2008. Experts attribute the brief, 900-point drop in the Dow Industrial Average to a range of causes, including a glitch in an automated trading system causing erroneous trades, to "panic" selling. This was helped along by uncertainty in European financial markets as countries wrestled with whether to assemble a bailout package for debt-burdened countries who also use the Euro as currency.
     Reports Monday say that European Union countries came through with a $1 trillion emergency package of standby funds and loan guarantees for those member countries unable to secure credit elsewhere. The agreement of a bailout alone is expected to restore confidence in financial markets.
     There was good news regarding the American economy. Marketwatch reports that the US added 290,000 jobs in April, which was much better than expected despite temporary hiring for the 2010 U.S. Census. Financial markets are recovering this morning. It's been a volatile few weeks.

Chris Nobles
Commercial Fueling
Nella Oil Company