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Gasoline, diesel inventories build;
gasoline production tops 1 million barrels a day
Sacramento - Inventories of both gasoline and diesel increased in California last week and refiners produced more than a million barrels of gasoline a day, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
Production of California's unique blend of cleaner-burning gasoline averaged 1,013,142 barrels a day for the week ending July 7, 2006. Output was 5.8 percent higher than the week before and 4.0 percent better than production last year at this time. Production of gasoline for export to Nevada, Arizona and Oregon also increased by 9.6 percent when compared to the previous week.
Inventories of California-blend gasoline rose 9.8 percent over the week and were 3.7 percent below last year's inventories. Export gasoline supplies also increased, ending 6.8 percent above totals for the previous week.
World crude oil prices set new records last week; Alaska North Slope crude topped out at $73.89 a barrel on July 5, 2006. Last year, on July 21, 2005, Alaska North Slope crude oil sold for $53.58 per barrel, $20 less. Retail gasoline prices increased across the country, with the California average price increasing 3.5 cents. For the week ending July 10, 2005, California's statewide average for regular was $3.22 a gallon.
Production of California's now-required Ultra Low Sulfur Diesel (ULSD) fell 3.2 percent from the previous week but was 16.9 percent higher than production of California-only diesel a year ago. Inventories of ULSD grew by 2.0 percent over the week and were 33.2 percent more abundant than stockpiles of diesel at this time in 2005.
Today's entire Weekly Fuels Watch Report can be seen on the Energy Commission's Web site at:
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The figures released today are preliminary and may change slightly over time. This summer the Energy Commission is also posting a weekly version of its monthly Petroleum Watch, which provides useful background information on petroleum markets and California refineries. You can find the report on the Energy Commission's website at:
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