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Gasoline, diesel ends year with 5-year
production highs in California
Sacramento - California refiners finished 2006 with a flourish, producing gasoline and diesel fuel in amounts not seen at the end of December in over five years, according to the Weekly Fuels Watch Report issued today by the California Energy Commission.
Production of California gasoline actually fell 3.6 percent from the previous week but still averaged 1,048,286 barrels a day for the week ending December 29, 2006. Production topped last year's production by 8.4 percent. Inventories of the California fuel increased by 9.9 percent over the week and were 17.2 percent more abundant than at the end of 2005. This marked the third week in a row that gasoline production exceeded levels reached for comparable weeks in the past five years.
The national average retail price of regular gasoline declined nearly a penny to $2.33 a gallon for the week ending January 1, 2007. California's retail price for regular remained at $2.61 a gallon statewide, 40 cents higher than the statewide average at the beginning of 2006.
Production of California's Ultra Low Sulfur Diesel (ULSD) was up 5.1 percent from the previous week and was 29 percent higher than comparable output at this time in 2005. ULSD inventories increased 19.4 percent for the week and are 1.4 percent more plentiful than at this time last year.
The national retail average price for diesel dropped 1.6 cents to $2.58 a gallon for the week ending January 1, 2007. California's retail diesel held steady at $2.88 a gallon, 34.5 cents higher than the California average one year ago.
Today's entire Weekly Fuels Watch Report can be seen on the Energy Commission's website 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 website at:
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