For immediate release: October 11, 2000
Media Contact: Claudia Chandler -- 916 654-4989
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California Energy Commission Update:
California Gasoline & Diesel Supplies
Sacramento -- There was little change in California's gasoline market over the past week. The average retail price of regular gasoline remained steady at $1.83 a gallon for the fourth week in a row. Nationally, the average pump price of regular dropped two cents, to $1.50 a gallon for the week ending October 9, 2000.
For most of the week the price of crude oil from Alaska's North Slope has fluctuated around the $30-a-barrel range, a significant drop from its record-setting high of $35.29 a barrel reached on September 20, 2000. Yesterday, October 10, 2000, Alaskan crude -- the source of 30 percent of California's oil supply -- sold for $31.73, its highest price since President Clinton released oil from the Federal Strategic Petroleum Reserve.
Spot market prices were the same on October 10, 2000, as they were on October 2 -- $1.16 in Southern California, and $1.18 in the Bay area.
Gasoline production averaged nearly 938,000 barrels a day for the week ending October 6, 2000. Production, down almost 5 percent from the week before, was still 6 percent higher than a year ago.
Diesel prices on average changed very little this week. On October 10, 2000, the average retail price of CARB diesel in Northern California was $1.95 a gallon, off 10 cents from the high established on September 5, 2000. Truck stops in Central California reported average prices of $1.87 a gallon, an 11-cent drop, while prices at Southern California stations averaged $1.89 a gallon -- an eight-cent decline from this month's high.
Output of California Reformulated Diesel for the week ending October 6, 2000, was approximately 175,000 barrels a day-- a production drop of 7 percent from the previous week, but 1 percent better than production at this time last year. Diesel inventories, however, are 25 percent less than they were at this time in 1999.
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