For immediate release: October 18, 2000
Media Contact: Claudia Chandler -- 916 654-4989
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California Energy Commission Update:
California Gasoline & Diesel Supplies
Sacramento -- The average price of regular gasoline dropped two cents in California this week, slightly narrowing the wide difference between our gas prices and those in the rest of the country.
Two weeks ago, Californians were paying an average of 32 cents more per gallon than the national average -- the biggest price spread of the year. For the week ending October 16, 2000, however, California reformulated regular gasoline dropped to $1.81 a gallon while the nationwide average retail price climbed four cents, to $1.54.
Crude oil prices remain volatile following the bombing of the USS Cole last Thursday. The event increased uncertainty about oil supplies in the Middle East and caused the price of crude oil from Alaska's North Slope to jump $2.81 in one day. By October 16, 2000, however, Alaskan crude -- the source of 30 percent of California's oil supply --Ędropped in price to $31.47.
Spot market prices dropped seven cents over the past week, indicating an increasingly plentiful supply of gasoline. On October 16, 2000, spot prices in Southern California were $1.11 a gallon, and $1.10 in the Bay Area. The statewide average rack -- or wholesale -- price was $1.25 a gallon.
Gasoline production averaged nearly 953,300 barrels a day for the week ending October 13, 2000. Production was up almost two percent from the week before and eight percent more than a year ago.
Statewide diesel prices increased an average of four cents over the past week. On October 17, 2000, the average retail price of CARB diesel in Northern California was $2.01 a gallon. Truck stops in Central California reported average prices of $1.91 a gallon, while prices at Southern California stations averaged $1.90 a gallon.
Output of California Reformulated Diesel for the week ending October 13, 2000, was approximately 174,700 barrels a day-- nearly the same as the week before, and one percent better than production at this time last year. Diesel inventories, however, are 34 percent less than they were at this time in 1999.
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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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