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Gasoline production tops 1 million barrels
a day as retail prices continue to fall
Sacramento - For the first time in eight weeks, refiners produced more than a million barrels of California gasoline a day, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
Production of California's cleaner-burning gasoline averaged 1,009,714 barrels a day for the week ending September 29, 2006. Output was 7.7 percent higher than the week before and merely 0.9 percent below totals for a year ago. Inventories, however, fell 7.2 percent over the week and were 7.3 percent below last year.
Retail gasoline prices continued their seven-week decline; the statewide average for regular fell to $2.68 for the week ending October 2, 2006. The state's retail price topped out during the week ending May 8, 2006, when California regular averaged $3.33 a gallon.
Production numbers for California's Ultra Low Sulfur Diesel (ULSD) also improved. Production climbed 5.2 percent from the previous week and was 9.4 percent higher than comparable diesel production one year ago. Inventories of ULSD fell 1.3 percent over the week but were still 11.3 percent better than comparable figures at this time in 2005. The statewide average price of diesel fell to $2.84 a gallon for the week ending October 2, 2006.
World crude oil prices also continued to retreat; Alaska North Slope crude sold for $59.73 a barrel on October 2, well down from the all-time high of $75.73 a barrel reached on July 14, 2006.
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:
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