Oil prices rise after brief dip

| Friday, August 19, 2005

An attack on two U.S. Navy ships and a drop in production from Ecuador are being blamed for oil prices, which were once again on the rise Friday, Aug. 19.

Bloomberg news reported that a missile attack on two U.S. ships in Jordan and a 95 percent drop in production from Ecuador following protests there were the key reasons behind oil prices rising to $64.95 in trading on the New York Mercantile Exchange.

Prices had previously dropped closer to $63 per barrel after a record-setting spike to $67 earlier in the week.

Meanwhile, prices for diesel remained high in spite of slight drops in many areas. California continues to have the highest prices in the country with an average of $3.023 per gallon on Friday, according to ProMiles.

Some places, such as a Shell station in Fairfield, CA, were still selling diesel for as much as $3.39 per gallon Friday, according to CaliforniaGasPrices.com.

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