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Gasoline production dips slightly, but
inventories fall well below last year levels
Sacramento - The Weekly Fuels Watch Report issued today by the California Energy Commission indicates that production of California gasoline fell 1.2 percent when compared to the week before, and was 3.3 percent off when compared to one year ago.
For the week ending May 5, 2006, production of California reformulated gasoline averaged 941,857 barrels a day.
On Monday, May 1, spot prices for regular gasoline used in California jumped as much as 23 cents, topping out at $2.92 a gallon. By week's end, the spot price had fallen to $2.65 a gallon in Los Angeles and $2.60 in the Bay Area Spot prices are normally a good indicator of how abundant the gasoline supply is, and such a sharp increase is usually caused by a major refinery problem or outage. While no such event occurred last week, several refineries in Northern and Southern California are performing planned or unplanned maintenance. As a result, refinery inventories of reformulated gasoline fell 6.4 percent from the previous week, making them 27.8 percent below inventory levels a year ago.
Retail regular gasoline prices responded to the jump in spot prices, reaching a record-breaking statewide average of $3.33 a gallon for regular for the week ending May 8, 2006.
Production of California diesel fell 16.5 percent from the week before and represented a 15.5 percent decline from last year's figures. Inventories of California diesel fell 10.9 percent from the week before but remain 21.9 percent higher than last year's totals.
The entire Weekly Fuels Watch Report can be seen on the Energy Commission's Web site at
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