Assuming you just purchased 9,950 bbl of WTI crude at the current market price, the total revenue (cost) to you if you were to refine this crude oil and sell the unleaded gasoline is closest to ________
Alaska North Slope Crude Oil (ANS) $71.75/bbl
West Texas Intermediate Crude Oil (WTI) $73.06/bbl
As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude.
A) ($766,150)
B) $766,150
C) ($770,032)
D) $770,032
Answer: B
Business
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