Given the following $18.00 barrel of light crude that was Hempel tested and foun

Question

Given the following $18.00 barrel of light crude that was Hempel tested and found to contain: 27 % gasoline (naptha) 32 % diesel (kerosene) 41 % lube oil residue Given the current service station prices: 1 L of gasoline sells for $0.42 1 L of diesel sells for $0.39 1 L of lube oil sells for $1.89 Given that a US oil barrel = 159 L, please calculate the value of the barrel of crude as finished products at a service station. (Perform all calculations to the nearest cent) Value of gasoline:___________________ Value of diesel:_____________________ Value of lube oil:____________________ Total value:________________________ Profit and tax:______________________.

Explanation / Answer

Total amount of crude oil=159 L

Gasoline in Litres= 159×27%=159×27/100= 42.93 L

Service station price for 1L gasoline is 0.42$, for 42.93 L the value is 18.03$

Diesel in Litres= 159×32%=50.88 L

Service station price for 1L Diesel is 0.39$, for 50.88 L the value is 19.84$

Lube oil in Litres= 159×41%=65.19 L

Service station price for 1L Lube oil is 1.89$, for 65.19 L the value is 123.03$

Total value at service station is 160.9$

Profit and Tax= 160.9$- 18.00$= 142.9$

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