Media Contact: Rob Schlichting - 916-654-4989
Gasoline and diesel production,
Sacramento - California's 12-week-long streak of gasoline price declines at the pump ended last week with a 7-cent average statewide increase. Diesel prices increased as well - jumping an average of 4 cents across the state.
Falling fuel inventories the previous week tightened the market and probably led to the 8-cent increase in the gasoline wholesale (rack) price between November 3 and November 10. But according to the Weekly Fuels Watch Report issued today by the California Energy Commission, gasoline inventories are increasing and wholesale prices are beginning to fall.
Production of California gasoline was just under the one-million-barrels-a-day mark for the week ending November 10, 2006. While the maintenance, or "turnaround" season continues for some California refineries, production of gasoline for use in the state averaged 996,571 barrels a day, a 2.3 percent drop from the week before but 9.0 percent better than a year ago. Inventories improved by 2.1 percent for the week and were 15.0 percent higher than last year's totals.
California's retail price for regular gasoline averaged $2.46 a gallon for the week ending November 13, 2006, only a penny higher than at this time last year.
Production of California's Ultra Low Sulfur Diesel (ULSD) was off slightly - down 0.3 percent from the week before and 11.9 percent below last year's totals. Inventories, however, remained flat for the week and are 17.8 percent more abundant than comparable supplies a year ago. Following a 16-cent increase at the wholesale level between November 3 and November 10, the statewide retail price of diesel moved up to $2.68 a gallon for the week ending November 13, 2006. At $2.68 a gallon, the price is still 4 cents below the statewide average at this time in 2005.
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: