Information from a run ticket shows that 1,000 net barrels of oil with an API gravity of 35 degrees were sold. The selling price is based on a contract price of $66/bbl, adjusted downward 4 cents for each degree of gravity less than 40 degrees. The selling price for the 1,000 barrels is?

Answer rating: 100% (QA)

SOLUTION To calculate the selling price for the 1000 barrels of oil we need to first determine the adjusted price per barrel based on the API gravity ... View the full answer