How would this change affect the cost of production

Assignment Help Biology

Reference no: EM133505595

Question: Approximately 19 million barrels of petroleum are used per day in the United States. Of those, roughly 8 million barrels are imported and the rest come from U.S. resources.

Petroleum source	Production cost per barrel (Average)
United States	$65.00
Canada	$91.00
Saudi Arabia	$3.00
Venezuela	$20.00
Iraq	$6.00
Algal biofuel	$273.00

Assume that 40% of the imported petroleum is from Canada; 49% is from OPEC and Persian Gulf countries, with production costs similar to Saudi Arabia; and 11% is split evenly between Venezuela and Iraq.

Using the data for cost per barrel from each source, calculate the production cost to meet current U.S. daily use. Do not round your calculations.

Suppose the United States replaces half of its current oil imports from OPEC and Persian Gulf countries with domestically produced algal biofuel. How would this change affect the cost of production to meet the U.S. daily need?

Reference no: EM133505595

Questions Cloud

What type of venation does your specimen have : Write the Latin binomial for your plant underneath your drawing. - What type of venation does your specimen have?

What should i talk about in the abstract : what should I talk about in the abstract? I just want to get this stupid project over with. This class is so frustrating and it's eating me up.

Explain why some nutrition research experts think this shift : Explain why some nutrition research experts think this shift contributed to the increase in obesity since 1970. Be sure to address the energy stored

Deliberate and conducted in sequential order : Create a checklist that your team will use to ensure that the change strategy is deliberate and conducted in a sequential order

How would this change affect the cost of production : Suppose the United States replaces half of its current oil imports from OPEC and Persian Gulf countries with domestically produced algal biofuel.

Develop a system that will help addressing the issues : PRT547 Information Systems Practice, Charles Darwin University - develop a system that will help addressing the issues or opportunityies for the organization

What you have learned about these orders list two principle : List these five orders. Using what you have learned about these orders list two principle identifying characteristics for each order, and name two commonly

Most positive influence in your life : Discuss the organizational leader who has had the most positive influence in your life and explain why.

How cane toads might have directly or indirectly affected : Explain why you did or did not observe a change in the death rate of a crimson finches in their nests after the arrival of cane toads. Be sure to reference

User Account

All Pages