For immediate release: July 19, 2000
Media Contact: Claudia Chandler -- 916 654-4989
California Energy Commission Update:
Gasoline Supplies and Prices in California
Sacramento -- The average price of regular gasoline dropped nearly a cent in California this week, averaging $1.72 per gallon for the seven-day period ending July 17, 2000.
The price at the pump follows the decline of wholesale prices, which have fallen an average of 13 cents since July 5, 2000. Spot prices for the same period dropped 16 cents.
Escalating crude oil prices have driven up gasoline costs worldwide. On June 30, 2000, Alaskan crude oil -- the source of nearly a third of California's oil supply --reached its all-time high of $32.80 per barrel.
On July 18, Alaskan crude oil was selling for $29.89 a barrel. That price was $1.11 more than the price the day before, and $2.24 more than a week ago.
On the national level, the average price of regular dropped almost five cents, to $1.55 a gallon, as refiners and distributors solved supply problems in the Midwest. Pipeline outages and the introduction of an EPA-mandated, cleaner-burning gasoline pushed retail prices to well over $2 a gallon in some areas, and sent the national average price of regular to $1.68 just four weeks ago.
Production of gasoline at California refineries was off 8.8 percent for the week ending July 14. Gasoline production averaged more than 924,400 barrels per day. (There are 42 gallons in a barrel.)
Continued high gasoline demand this summer, high crude oil prices and low retail margins for the past several weeks will most likely keep pump prices from falling significantly in the near term. Unless there is an unplanned event at the refineries, however, the California Energy Commission anticipates that there will be adequate supplies of gasoline to meet summer driving demand.
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:
For money-saving and gas-saving consumer tips, go to this Web address:
Editor's Note: The California Energy Commission will be providing this type of information weekly to keep you apprised of the gasoline situation over the summer months.
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