Dropping for the third week in a row for a cumulative decline of nearly 18 cents, the U.S. average price for regular gasoline fell six cents last week to $2.73 per gallon, reports the Energy Information Administration. The price was 20 cents higher than the year before. Falling three cents to $2.98 per gallon, the average on the West Coast, comprised of Alaska, Arizona, California, Hawaii, Nevada, Oregon, Washington, slipped below $3.00 for the first time since March 8, 2010. The average in California also dipped three cents to settle at $3.02 per gallon.
     Falling below the $3 mark for the first time since March 29, the national average price for diesel fuel decreased four cents to $2.98 per gallon. The price was 63 cents above the average price a year ago. Prices fell in all regions of the country. The price on the West Coast fell about a nickel to $2.94 per gallon. In California, the average fell seven cents to $3.09 per gallon.
     The Bureau of Labor Statistics released a report that shows a gain of only 20,000 new jobs, after accounting for temporary census hiring. The results sparked a round of selling (and falling prices) in the petroleum commodities markets.
     July 1, 2010 will bring fuel tax changes in California and in Washoe County, Nevada. Neither tax change is expected to impact your fuel prices.
     According to the Oil Price Information Service, BP indicates that it has spent more than a billion dollars on clean up after the explosion and resulting oil spill in the Gulf of Mexico and will continue to pay all of its obligations related to the disaster, in which 11 workers died. BP indicates that the company is solvent and will be able to continue the required 20 to 24 million dollars per day estimated spill-related costs for many weeks to come.

Chris Nobles
Commercial Fueling 
NELLA Oil Company/Flyers