For immediate release: September 20, 2000
Media Contact: Claudia Chandler -- 916 654-4989
California Energy Commission Update:
California Gasoline & Diesel Supplies
Sacramento -- Despite crude oil prices that set new records, the price of gasoline fell about a cent and a half in the past week in California.
The statewide average price of CARB regular dropped to $1.83 a gallon for the week ending September 18, 2000. Nationally the average price remained steady at $1.56 a gallon.
The previous week's average statewide price of $1.85 set a record high.
Gasoline production for the week ending September 15, 2000, topped a million barrels a day, coming close to the highest weekly output for the year. Production was up 5 percent from the week before, and inventories rose 12.5 percent from the previous week.
On September 18, the average rack, or wholesale, price of California regular fell to $1.27 a gallon, a 28-cent drop from the highest wholesale price of the year reached on September 7, 2000.
Spot market prices declined as well. On September 6, 2000, spot prices peaked at $1.66 in Southern California and $1.56 in Northern California, a situation that helped to explain why independent stations were often charging higher prices for fuel than branded stations. By September 18, 2000, however, spot prices in both markets had dropped to $1.24.
On the world market, crude oil prices continue to set new records. On September 18, 2000, Alaskan crude oil -- the source of nearly a third of California's oil supply -- sold for $35.29 a barrel. Back on January 5, 1999, the price was $10.06 a barrel.
Prices are up for California crude oil as well. Kern River crude, which sold for $7.00 a barrel in January 1999, sold for $30.50 on September 18, 2000.
Truckers saw some relief this week as record high diesel prices dropped slightly across the State.
On September 18, 2000, the average retail price of CARB diesel in Northern California was $1.95 a gallon, off ten cents from the high established on September 5. Truck stops in Central California reported average prices of $1.90 a gallon, a nine-cent drop, while prices at Southern California stations dropped two cents, averaging $1.95 a gallon.
Output of California Reformulated Diesel for the week ending September 15, 2000, however, was approximately 154,300 barrels a day-- a production decrease of 13 percent from the previous week. Diesel inventories remain down nearly 20 percent from the same time last year.
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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:
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Editor's Note: The California Energy Commission provides this type of information weekly to keep you apprised of the gasoline situation over the summer months.On our Web Site, you can sign onto a listserver to receive this and other press releases automatically by e-mail.
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