The volatility of energy prices may be giving investors in gas and oil stocks some gray hairs, but it's not exactly bad news for World Fuel Services (NYSE:INT). In fact, the price fluctuations probably make the value of its outsourced fuel services even clearer to commercial marine, aviation, and land transport businesses that don't want to absorb the risks and headaches themselves.

Business continues to run smoothly for the company. Revenue was up 43% in the first quarter, as large increases in the fuel costs were augmented by some volume increases in the marine and aviation businesses. Though gross margins slipped a bit, operating income rose on both the strength in revenue and lower bad debt expenses.

It's worth noting that the company's deal with America West (now part of US Airways (NYSE:LCC)) is coming to an end, though discussions of a new deal are apparently under way. Even if World Fuel doesn't secure a new deal, it's not really much of a negative.

The original America West deal was something like a stake in the ground -- the deal itself wasn't all that profitable for World Fuel, but it gave the company volume (important when purchasing fuel) and perhaps a little more credibility in the market. In short, it was the kind of deal that smaller companies often view as part of the cost of building their business. Now, however, the company is bigger and stronger, and it doesn't need to accept just any terms on a renewal.

Even though there are credit risks (both the aviation and marine transport industries typically carry heavy debt loads) and the risks of dealing with and through third parties, I like the prospects for this company. Companies like Frontline (NYSE:FRO), JetBlue (NASDAQ:JBLU), and dozens more don't need the hassle of managing fuel themselves, and they're hard-pressed to get the volume-based discounts that World Fuel can secure from ConocoPhillips (NYSE:COP) or Chevron (NYSE:CVX).

Barring a big overall slowdown in global economic activity -- meaning less trade and less travel -- it's a pretty good bet that World Fuel will continue to be profitable for some time to come.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares). JetBlue is a Motley Fool Stock Advisor recommendation. The Fool has an ironclad disclosure policy.