Fueling a Recession almost Literally?

We will see as this is a major question mark for the economy!! I am very interested to see the GDP numbers as are all economists. However, I remain impressed with what is a new American economy and its resiliency. It has taken a real beating over the past quarters but has held up in remarkable ways.

Gasoline, diesel prices hit new records, says EIA
Monday April 21, 4:50 pm ET

WASHINGTON (Reuters) - The average price U.S. drivers paid for gasoline soared to a new high of $3.51 a gallon, rising 11.9 cents over the last week, the federal Energy Information Administration said on Monday.

The national average price for regular, self-service gasoline is up 64 cents from a year ago because of high crude oil costs, which on Monday climbed to a record $117.83a barrel at the New York Mercantile Exchange.

The price of crude oil accounts for about 70 percent of the cost for making gasoline.

In the EIA's latest survey of service stations, gasoline was again the most expensive on the West Coast at $3.73 a gallon, up 7.2 cents. San Francisco had the highest city price at $3.86, up 4.5 cents.

The Gulf Coast states had the cheapest regional price at $3.41 a gallon, up 12.6 cents. Cleveland had the lowest city price, up 7 cents to $3.36.

Separately, the weekly price for diesel fuel jumped 8.4 cents to a record $4.14 a gallon, up $1.29 from a year ago, the EIA said.

Average diesel fuel prices remained above $4 a gallon in every region of the country.

The central Atlantic states had the most expensive diesel at $4.37 a gallon, up 10.4 cents. The Gulf Coast region had the cheapest fuel at $4.08, up 8.5 cents, the EIA said.