How to fix Excel.Application error that occurs randomly when instantiating the Excel.Application object

I have a c# program that opens an excel worksheet, populates it with some data, and retrieves some information from the worksheet before closing the sheet. This happens several times inside of a loop. The program executes for some time completing the loop and then fails at random times during the loop with the following error:

System.Runtime.InteropServicdes.COMException (0x80080005): Retrieving the COM class factor for component with CLSID {xxx} failed due to the following error: 80080005 Server execution failed [Exception from HRESULT:0x80080005 (CO_E_SERVER_EXCEC_FAILURE)).

I have checked my reference for Microsoft.Office.Interop.Excel and it is the Microsoft Excel 16.0 Object Library version 1.9.0.0 and I have Excel 2016 installed. The code that is causing the problem is similar to the following:

for (int i = 0; i < 100; i++)
{
     Excel.Application xlApp;
     Excel.Workbooks xlWorkBooks;
     Excel.Workbook xlWorkBook;
     Excel.Sheets xlWorksheets;
     Excel.Worksheet xlWorkSheet;
     object misValue = System.Reflection.Missing.Value;

     xlApp = new Excel.Application(); //line that causes error

     xlApp.Visible = false;
     xlApp.ScreenUpdating = false;
     xlWorkBooks = xlApp.Workbooks;
     xlWorkBook = xlWorkBooks.Open(IIHSTemplate.Text, 0, false, 5, "", "", true, Microsoft.Office.Interop.Excel.XlPlatform.xlWindows, "\t", false, false, 0, true, 1, 0);
     xlWorksheets = xlWorkBook.Worksheets;
     xlWorkSheet = xlWorksheets["Automatic-Data-Analysis"];
     IIHSDemerit = Convert.ToDouble((xlWorkSheet.Cells[30, 14] as Excel.Range).Value2);

      xlWorkBook.Close(false, misValue, misValue);
      xlApp.Quit();

      releaseObject(xlWorksheets);
      releaseObject(xlWorkSheet);
      releaseObject(xlWorkBooks);
      releaseObject(xlWorkBook);
      releaseObject(xlApp);
}


private void releaseObject(object obj)
        {
            try
            {
                System.Runtime.InteropServices.Marshal.ReleaseComObject(obj);
                obj = null;
            }
            catch (Exception ex)
            {
                obj = null;
                MessageBox.Show("Exception Occured while releasing object " + ex.ToString());
            }
            finally
            {
                GC.Collect();
                GC.WaitForPendingFinalizers();
            }
        }

My program writes the results of the excel data to a text file and executes several times with no errors. After a random number of iterations (number is different each time I run the program) the program will fail with the error listed above. Any ideas on what is causing the error and how to correct it?

Solution was to move the instantiation and releasing of the Excel app object out of the loop since I only needed to be opening and closing workbooks inside the loop. Thanks to @SmrtGrunt for pointing that out in comments.