For immediate release: August 2, 2000
Media Contact: Claudia Chandler -- 916 654-4989
California Energy Commission Update:
Gasoline Supplies and Prices in California
Sacramento - The price of regular gasoline dropped three cents in California over the past week, bringing the statewide average to $1.68 per gallon for the seven-day period ending July 31, 2000.
The price at the pump follows the slow decline of wholesale prices, which have fallen an average of 18 cents since July 5. Spot market prices for the same period dropped 20 cents.
Escalating crude oil prices have driven up gasoline costs worldwide. On June 31, 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 31, Alaskan crude oil sold for $25.36 a barrel, its lowest price since May 3, 2000. Last year at this time, Alaskan crude sold for $19.26.
On the national level, the average price of regular dropped five cents to $1.47 a gallon.
Production of gasoline at California refineries was up more than 5.7 percent for the week ending July 28. Gasoline production for the week averaged just under a million barrels per day. (There are 42 gallons in a barrel.)
While the decline in the price of crude oil is a positive sign, continued high gasoline demand during the summer driving season and low retail margins for the past few 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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