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Originally Posted by Brucelee
BTW- I asked this question last year.
How much SHOULD gas cost and how do you know that?
:dance:
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According to the API, it costs about $60/bbl. to drill, pump and refine a barrel of crude from on-land and coastal-water rigs and upwards of $90 for deep-sea rigs.
One barrel of crude equals 42 gallons. This will yield 47% (19.7 gal.) gasoline, 23% (10 gal.)heating oil and diesel fuel, 18% (7.5 gal.) is refined to other products including petrochemical feedstock such as polypropylene, 4% (1.7 gal.)propane, 10% (4.2 gal.) jet fuel, and 3% (1.26 gal.) asphalt. (Percentages sum to over 100 because there is approximately a 5% processing gain in refining.) - source: Energy Information Administration -
http://tonto.eia.doe.gov/ask/crudeoil_faqs.asp