Futures in New York dropped as much as 0.8 percent after data showed American drillers added five working oil rigs last week, stoking fears over surging U.S. output. The May oil contract gained 1.5 percent last week before expiring Friday as OPEC producers said supply curbs should continue in order to revive investments in oil and gas production. In the U.S., explorers have added 23 rigs so far this month, bringing the total working rigs to 820 last week, Baker Hughes data showed. The nation’s crude production has more than doubled from the lows of a decade ago, topping 10 million barrels a day each week since early February.

The American Trucking Associations applauded congressional leaders for introducing legislation to repeal the antiquated federal excise tax on the purchase of new trucks and trailers. “First implemented over a century ago to help finance America’s effort in World War I, the FET has become the largest excise tax on any product, adding $24,000 to the cost of each new clean-diesel tractor-trailer,” said American Trucking Associations President & CEO Chris Spear. “Keeping this antiquated tax on the books imposes an enormous hardship, particularly for the small fleets, family businesses, and independent truckers who make up the overwhelming majority of trucking. Removing this burden will allow motor carriers to replace their trucks with modern, safer, and cleaner equipment, which will in turn provide a boost to manufacturing jobs. Our industry is grateful to Reps. LaMalfa, Pappas, LaHood, Carbajal, and Miller for their leadership on this issue to improve highway safety, reduce emissions, and strengthen our economy.” The FET began in 1917 to help finance World War I. Today, it is the highest percentage federal excise tax – at 12 percent – levied on any product, amounting to a $6 billion annual burden on the trucking industry.

National Average Price for Regular Unleaded Current: $3.374; Month Ago: $3.502; Year Ago: $3.845. National Average Price for Diesel Current: $3.718; Month Ago: $3.833; Year Ago: $4.356.