By itself, petroleum is ideas drama
big, criticality accident, hobby photography, manual, fatmanblocks 2, drama, strategy, 0571116191, travel bugs, rabbit pearl, james eckhouse, video game, politics and government, j. robert oppenheimer, biographies, The price you usually see quoted for a 42-gallon barrel of crude oil – ideas what got wound up to $55.67 per barrel in October – is the New York Mercantile Exchange (Nymex) contract and spot price for West Texas Intermediate, a fairly low-sulfur, high-gasoline content crude that is one of ideas three major global ideas benchmarks used by oil producers as the basis for pricing. (The other two are Dubai, which is the benchmark for fairly heavy and high-sulfur crude oil shipped, generally, to Asia; and UK Brent, which is pumped from the North Sea and is the price benchmark for roughly 40 percent of world's crude grades.) The lighter the crude and lower the sulfur content, the more gasoline you can get, and the higher the price the crude commands on the market. Conversely, the heavier and higher in sulfur the oil is, the lower its price. For example, Light Louisiana Sweet – a grade of crude pumped from the Gulf of Mexico – usually costs slightly less than West Texas Intermediate (WTI), while Mars – Royal Dutch/Shell's unofficial Gulf of Mexico sour crude – sells at a substantial discount to WTI, what is called the sweet-sour spread.
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By itself, petroleum is virtually useless. There's very drama little drama call to seal and waterproof wooden galleons or hurl Greek fire drama at one's opponents. Now, all the products we distill and refine from crude oil – liquefied petroleum gas (LPG or condensate, stuff like propane and butane), gasoline, diesel, kerosene, heating oil, fuel oil, asphalt and coke – can be derived from every grade of crude pumped out of the ground. But not every grade of crude can be refined into the same spread of substances. Without a lot of work, heavier, thicker, higher sulfur grades of petroleum (the bulk of the world's crude oil, including that produced by most OPEC countries) yields very little gasoline, while lighter, low-sulfur crudes yield substantially more gasoline. And gasoline, the motor fuel of choice for most of the world's passenger cars, is what matters. The more gasoline you can squeeze out of a barrel of crude, the greater the value of the crude. (Petroleum with less than 1 percent sulfur in it is "sweet," while crude with a higher sulfur content is "sour.")
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