Media Contact: Rob Schlichting - 916-654-4989
Gasoline inventories remain high,
despite drop in production
Sacramento-Unexpected problems and scheduled maintenance hampered the ability of California refineries to produce gasoline last week, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
Production of California's gasoline blend averaged 813,571 barrels a day for the week ending July 14, 2006, a 19.7 percent decrease from the week before when production topped the million-barrel-a-day level. Production was 23.7 percent below levels one year ago.
Inventories of California gasoline fell 12.6 percent from the previous week and are 20.6 percent lower than at this time last year. Despite the decline, inventories remain high when compared to totals over the past five years, and spot gasoline prices dropped slightly over the week, indicating adequate supply.
World crude oil prices, meanwhile, reached new highs. Alaska North Slope crude, which makes up approximately 20 percent of California's oil supplies, posted a record of $75.73 a barrel on July 14, 2006. The weekly retail price of regular gasoline in the state rose 1.6 cents, averaging $3.24 a gallon for the week ending July 17, 2006.
Production of California's Ultra Low Sulfur Diesel (ULSD) declined 6.3 percent from the previous week's figures but was 11.6 percent higher than last year's diesel output. Inventories of the California-only fuel increased slightly - 0.2 percent more than the previous week - but were a whopping 60.8 percent higher than corresponding supplies year ago. The statewide retail price of diesel averaged $3.12 a gallon on July 14.
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 Petroleum Watch report, which provides useful background information on petroleum markets and California refineries. You can find the report on the Energy Commission's Web at: