Oil prices dip slightly; diesel still high in California

| Monday, August 15, 2005

The price for light, sweet crude oil fell off a bit in trading on the New York Mercantile Exchange on Monday, Aug. 15.

Crude oil was trading at $66.25 per barrel on Monday afternoon, after topping a record $67 per barrel on Friday.

David Thurtell, a commodity strategist with the Commonwealth Bank of Australia in Sydney, told Forbes.com that prices were dropping because fears were easing over U.S. refinery problems in recent weeks.

The United States has seen several refinery outages during the past month, with the most recent on Thursday, Aug. 11, at a ConcoPhillips facility in Wood River, IL.

Meanwhile, diesel prices continued to climb during the weekend, especially in California. ProMiles reported an average Monday of $3.025 per gallon in California, up from $3.006 on Friday, Aug. 12.

One Exxon station in La Moine, CA, was selling diesel for $3.54 per gallon, according to CaliforniaGasPrices.com. That’s a whole dollar higher than the national average of $2.587 per gallon reported by ProMiles.

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