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Crude oil inventories rise as gasoline,
diesel production increase
Sacramento - Crude oil inventories at California refineries increased to nearly 15.3 million barrels last week, good news in light of the disruption of BP's Prudhoe Bay oil pipeline in Alaska announced on Monday.
Crude oil inventories are 11.3 percent higher than at this time last year, according to the Weekly Fuels Watch Report issued today by the California Energy Commission. Refiners in the state face a possible loss of 8 percent of their crude supply from Alaska unless they increase their use of alternative crude oil sources.
Production of gasoline and diesel fuel was also up for the week ending August 4, 2006. California gasoline production averaged a healthy 1,014,857 barrels a day, a 7.1 percent increase over the previous week and 5.9 percent higher than production at this time a year ago.
Inventories of California-specific gasoline were off slightly - 1.8 percent from the previous week and are 1.7 percent below last year's levels. California's retail average price for regular dropped 0.6 cents to $3.19 for the week ending August 7, 2006.
Production of California's Ultra Low Sulfur Diesel (ULSD) increased 13.7 percent from the week before and top last year's comparable output by 22.3 percent. Inventories of California ULSD dropped 14.3 percent from the previous week's, but are 46.5 percent higher than corresponding supplies a year ago.
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 site at: