Media Contact: Rob Schlichting - 916-654-4989
Gasoline production at 5-year high
as turnarounds continue; prices still drop
Sacramento - Production of California gasoline just missed the one-million-barrels-a-day mark last week and diesel production also declined, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
For the third week in a row, production of California gasoline was higher than it has been at this time in over five years. While some California refineries continued their seasonal maintenance, production of gasoline for use in the state averaged 995,429 barrels a day for the week ending October 27, 2006. Production fell 6.7 percent from the previous week but was still 13.4 percent better than a year ago. Inventories were off 5.4 percent for the week but were 15.7 percent higher than last year's totals.
California's retail price for regular gasoline fell another 5 cents to average $2.43 a gallon for the week ending October 30, 2006. California's statewide average is now 22 cents above the national average for regular gasoline; at the end of September 2006, California regular was 38 cents higher that the national average. The last time the statewide average was this low was the week ending January 23, 2006.
Production of California's Ultra Low Sulfur Diesel (ULSD) was down too, off 12.8 percent from the previous week and 7.6 percent lower than last year. Inventories dropped 12.8 percent for the week but remained 14.3 percent more abundant than comparable supplies a year ago. The statewide price of diesel fell to $2.65 a gallon for the week ending October 30, 2006, the lowest average retail price since the week of January 16, 2006.
Today's entire Weekly Fuels Watch Report can be seen on the Energy Commission's Web site at:
# # #
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:
# # #