-October 6,2023-
More hydropower
California had 94% more hydropower generation in the first six months of this year compared with the first half of last year. The forecast is for 99% more hydropower generation in California this year compared with 2022.
Friant Kern will be out of service till February
The Friant Kern Canal will be dewatered for three months this fall/winter for triennial maintenance as well as construction on the Middle Reach Capacity Correction project. Dewatering will begin on November 1st and the canal will be back in service on February 1st.
U.S. using less gasoline
EIA says over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 5.0% from the same period last year. In the Western US (Padd 5) stocks of oil in millions of of barrels is down to about 45 mil barrels compared to 53 mil barrels at the start of summer and lower than year ago.
Nat Gas price in California down
Your heating bill should be manageable this fall.SoCal Gas reports that as of October 1, 2023, the procurement rate will decrease 10.288 ¢/therm to 38.058 ¢/therm. This decrease resulted from an overall 7.716 ¢/therm decrease in commodity price and a decrease of 2.572 ¢/therm in account adjustments. Compared to a year ago, the procurement rate is about 41.8% lower (65.420 ¢/therm) than what it was effective October 2022. Gas went sky high last winter’s rising to $3.45 compared to 38 cents today.
Egg prices way down
Despite California’s animal welfare rules egg prices this fall are way down from the year before. While large eggs sold to stores are priced at $1.25 a dozen that compares to over $4 dozen wholesale a year ago. That was marked up when sold to the consumer last year at $7 and 8 a dozen.Today most shoppers are paying $3 a dozen.
CALIFORNIA & U.S. SUSTAIN SIMILAR DECLINES IN EXPORTS
Both California and the United States sustained broadly similar year-over-year declines in their merchandise export trades in August (the latest numbers), according to a Beacon Economics’ analysis of U.S. trade statistics released this morning by the Foreign Trade Division of the U.S. Census Bureau.The year’s eighth month saw California businesses export goods with a nominal value of $14.735 billion. That was down 5.5% from the $15.587 billion the state exported in the same month one year earlier.
By comparison, overall U.S. exports were off by 4.9% over the same period.Shipments abroad of manufactured goods from California slipped 6.7% to $9.358 billion from $10.029 billion the previous August. Exports of agricultural products and raw materials dropped by 10.3% to $1.670 billion from $1.862 billion. Re-exports, however, rose by 0.4% to $3.708 billion from $3.695 billion.
“These latest numbers are not surprising,” said Jock O’Connell, Beacon Economics International Trade Advisor. “The Commerce Department had been expecting a nominal 5.9% year-over-year fall-off in U.S. exports, and California’s experience was in line with that forecast, especially with regard to a sharp decline in farm exports.”2023 has been particularly tough on California growers with one unprecedented weather event after another disrupting normal agricultural operations. Torrential rains earlier this year caused havoc for farmers and cattle ranchers as farmlands were flooded. Hurricane Hillary hit in August just when harvests of crops such as almonds were getting under way.California accounted for 8.6% of the $171.503 billion in U.S. merchandise exports in August, identical to its share in August of last year. In pre-pandemic August 2019, California accounted for 10.8% of the nation’s merchandise exports.
Agricultural exports slid by 12.8% to $3.025 billion from $3.469 billion due to generally lower export prices of farm commodities and poor weather conditions. Shipments abroad of Food & Kindred products slumped by 14.9% to $2.690 billion from $3.162 billion.