the price of barrel of oil in 2017 is 52.63$ US There\'s a missing picture that
ID: 3119428 • Letter: T
Question
the price of barrel of oil in 2017 is 52.63$ US
There's a missing picture that I couldn't upload and I am going to write it down here:
Q/ Calculate your annual personal fossil feul production for heating and power. This will requre some estimating and Googling be as accurate as possible, even if you live in an apartment building, where you don't see the heating system. Record the barrels of crude o short tons of coal and Mcf "mils", or thousands of cubic feet) of natural gas that your heating and power requires. See the end of this lab for a description of units like Mcf.
*note: It is ok to come up with any estemation of the personal usage of fossil feul!
2. What's in your pump price? In Nova Scotia, taxes (Federal and Provincial together) are a large proportion of the price at the pump. Provincial taxes are added to the cost as a flat 15.5 cents per litre, and Federal taxes are 10 cents per litre. Then we pay 15% HST on whatever the resulting price is, with the flat taxes. Deduct the 15% tax from the 132 cents per litre current local price (careful!), then, subtract the flat taxes. What is left constitutes the "real price" of gasoline at the pump before taxes are added. Based on the current price for a barrel of oil (question 1 in Activity 2), how many cents per litre are left to cover the combined costs of refining (crude to gasoline), marketing, and gas station profit? Show your work. Hint: calculate crude oil costs per litre. Hypothesize: Will it be more than a dime per litre? 3. Storing the World's daily oil consumption at SMU The world currently pumps (and consumes) about 87 million barrels of oil a day. The Saint Mary's campus is roughly a rectangle, 300 x 400 metres in dimensions. If we made an oil storage tank with a rectangular base shaped like the campus, how high would it have to be to contain one day's worth of world production? Hypothesize: will it be taller than the tip of Loyola Residence (67 m)?Explanation / Answer
1 barrel of crude oil = 159 litres of oil (approx)
Price of 1 barrel = 52.63$
Hence, 159 litres = 5263 cents
1 litre = 33.1 cents
Removing 15% of taxes, price of 1 litre = 28.135 cents
Rest of flat taxes = 15.5 + 10 = 25.5 cents
Removing taxes, price of 1 litre = 2.635 cents
It will not be more than one dime per litre
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.