To calculate the gas price from oil price:
\[GP = \frac{OP}{33.69}\]
Where:
The gas price from oil price is a calculated estimate of the cost per gallon of gasoline based on the current price per barrel of crude oil. This calculation helps to understand how fluctuations in crude oil prices can impact gasoline prices.
Let's assume the following value:
Using the formula:
\[GP = \frac{100}{33.69} \approx 2.97 \, \text{dollars per gallon}\]
The Gas Price from Oil Price is approximately $2.97 per gallon.
Let's assume the following value:
Using the formula:
\[GP = \frac{50}{33.69} \approx 1.48 \, \text{dollars per gallon}\]
The Gas Price from Oil Price is approximately $1.48 per gallon.
