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Crude oil inventories rise, gasoline and diesel production off slightly
Sacramento - Crude oil inventories at California refineries are higher than they were three weeks ago, before BP announced it was shutting down part of its Prudhoe Bay oil pipeline in Alaska.
Crude oil inventories in California reached 15.35 million barrels for the week ending August 25, 2006, good news in light of concerns that BP's move would tighten supplies of Alaskan crude oil on the west coast and lead to price increases at the pump. Refiners in California faced a possible loss of 4 to 5 percent of their crude supply unless they found alternative sources.
Crude oil supplies rose 9.0 percent for the week and are 1.7 percent higher than at this time a year ago, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
Production of gasoline for use in California averaged 928,143 barrels a day for the week, a 3.9 percent decline from the previous week and 8.0 below last year's production levels. Inventories fell slightly from the previous week - off 0.9 percent - and are 3.5 percent below last year's figures.
California's retail average price for regular dropped 6 cents to $3.10 a gallon for the week ending August 28, 2006.
Production of California's Ultra Low Sulfur Diesel (ULSD) fell 0.9 percent from the previous week but was 16.6 percent higher than last year's comparable output. Inventories of California ULSD dropped 9.0 percent from the previous week, but are 28.5 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: