For immediate release: June 21, 2000
Media Contact: Claudia Chandler -- 916 654-4989
California Energy Commission Update:
Gasoline and Diesel Supply and
Price Situation in California
Sacramento -- California gasoline prices, which are at a statewide average of $1.62 per gallon, are about 6 cents lower than the nationwide price of $1.68 a gallon.
California's cleaner burning gasoline typically costs 5 to 8 cents more than regular gasoline in the rest of the nation. Gasoline prices are up in other parts of the country, due to a shift to a cleaner burning gasoline that is more costly to produce, as well as the high cost of crude oil. While California refiners use very little OPEC crude oil, OPEC acts as the price marker for all crude oil in the world.
On June 20, 2000, Alaskan North Slope crude oil sold for $30.79 per barrel, up $6.75 from its $24.04 price per barrel on January 14, 2000. For each $1.00 increase in the price of crude oil, there is a corresponding 2.5-cent increase in the cost of gasoline.
Production of gasoline at California refineries is strong, averaging slightly more than 1 million barrels per day for the week ending June 16. (There are 42 gallons in a barrel.) Gasoline production was up more than 9 percent from the previous week.
Unless there is an unplanned event at the refineries, the California Energy Commission anticipates that there will be adequate supplies of gasoline to meet summer driving demand.
OPEC ministers are meeting this week to discuss lowering the price of OPEC crude oil from $30.00 per barrel to $25.00 per barrel. That could mean a reduction of 10 to 12 cents at the retail pump, assuming that refiners pass on the lower crude oil costs to consumers.
If you have questions about gasoline and diesel supplies and prices in California, please call us at (916) 654-4989. More detailed information on California's gasoline and diesel supplies and prices can be found on the California Energy Commission's Web Site at:
Editor's Note: The California Energy Commission will be providing this type of information every Wednesday to keep you apprised of the gasoline situation over the summer months.
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