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Fuel production, inventories up
as retail prices fall
Sacramento - Fuel inventories increased in California as refiners boosted their production of gasoline and diesel last week, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
Production of gasoline for use in California averaged 1,017,371 barrels a day for the week ending October 6, 2006, a 0.8 percent increase from the previous week and 3.4 percent better than production one year ago. Inventories at the refineries grew by 5.6 percent, falling just 0.3 percent below last year's totals. Refiners usually try to build inventories this time of year to prepare for the "turnaround" season - periods of major maintenance when some facilities are taken off line and fuel production is hampered.
Meanwhile, California's average retail price for regular gasoline continued its steady decline to $2.60 a gallon for the week ending October 9, 2006. The last time the state retail average was this low was the week of March 13, 2006.
Production of California's Ultra Low Sulfur Diesel (ULSD) also jumped 16.4 percent from the previous week and bested last year's comparable diesel production by a whopping 41.7 percent. Inventories of ULSD rose 18.5 percent over the week and were 64.1 percent more abundant than comparable figures at this time a year ago. The statewide price of diesel fell to $2.75 a gallon for the week ending October 9, 2006, the lowest average retail price in 28 weeks.
Alaska North Slope crude oil also hit its lowest price since last November. On October 6, 2006 Alaskan crude fell to $54.49 a barrel, down from this July's all-time high of $75.73.
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 Web at
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