Oil prices dropped slightly after hitting another record of $68 a
barrel in trading on the New York Mercantile Exchange on Thursday, Aug. 25.
This marks the second day in a row of record prices, as the market closed
at $67.41 per barrel on Wednesday, Aug. 24.
Trading on the increasingly volatile market touched $68 a barrel in
early trading Thursday, before settling back down closer to the $67 mark.
The Associated Press reported traders are worried about the effects Tropical Storm Katrina might
have on oil production in the
Gulf of Mexico
An inventory report released Wednesday, Aug. 24, by the U.S. Department
of Energy, which showed a decline in gasoline stocks, is also being blamed for
Meanwhile, ProMiles reported a national average price for diesel of
$2.606 per gallon on Thursday, Aug. 25.
still had the highest prices, though the average had slipped below $3 per
gallon to $2.976 per gallon.
CaliforniaDieselPrices.com still showed prices in some areas of the
state as high as $3.39 per gallon.