Name: Breakdown of Gas Prices
Uploaded: 2014-10-03T22:13:24.000Z
Duration: 12 min 24 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

What I hope to do in this video is explore the relationship

Adverbs of degree

And you do see that there is a very strong correlation

quoted at a specific point on the planet.

As you can see, this is in US dollars per barrel.

In early 2008 around $100 went up to $140 then came back down.

And then it's been trending up ever since.

This is where we see the oil prices are per barrel basis.

And then related to that you see the price of gasoline.

And this is even more geographically specific.

Because not only do have transportation costs,

but you also have very region-specific taxation

But you do see it trends up when oil prices trend up

And these are the prices right over here in New York.

But they don't move completely lock step.

If anything you see that the oil price on a per barrel basis

is much more volatile than the gasoline price right over here.

When the oil prices moves up this tends to move up.

But it's not always in the same percentage.

Now, before trying to figure out when you pay, say,

oil, and how much is refining, and how much is transportation

let's at least kind of build up to that to think about

just how does the oil even end up in your car.

And then we can build up that price of the oil,

or the price of the gasoline, I should say.

So this right over here, you are probably familiar with these.

These are oil rigs, two very different types.

But they're both doing the same fundamental thing.

They're drilling into the ground until they

and try to transport it to the market somehow,

It really is an engineering marvel how they do it.

It might be sitting out here in the ocean.

And it will literally go to the bottom of the ocean,

from there to actually get to the oil pockets.

It can be very dangerous working on an oil rig.

And obviously, if there's an accident on them

But it is undoubtedly an engineering marvel.

Now once you have that oil you need to get it to a refinery

so that oil can be broken up into it useful parts.

And the way that is typically transported to a refinery

is some combination of a pipeline or an oil tanker.

This right over here is actually the Alaskan pipeline.

And it takes oil from the very northern part of Alaska

So that it can then be put on oil tankers, which can then

transported anywhere in the world to refineries.

Actually even some offshore places you could use a tanker.

Or sometimes even if they're close enough

to land they actually might have a pipeline that

will take it to land where it can go to a refinery

or go to an oil tanker so it can be transported even farther.

And then from there, it gets to a refinery.

And so we could start to think about how the price of oil

is built up before we even think about what a refinery even

So let's say that the current price of oil-- and I

But let's say that the current price of oil is $90 per barrel.

I'm really saying that I have 42 gallons of water.

can get about 19 or 20 gallons of gasoline.

I'll just go with 20, 20 gallons of gasoline.

Some of this is actually used to fuel the refining process.

Subtitles ListPlay Video

Breakdown of Gas Prices

stuff

fuel

credit

sake