Calculating Oil Price Per Gallon

What is the price in dollars per gallon if oil is on the market at $94.00 per barrel?

You need conversion in this problem to solve it. Since you are already given all the data, you just need to utilize the data to come up with the answer.

Answer:

The price of oil on the market at $94.00 per barrel is equivalent to $2.24 per gallon.

In this scenario, a barrel of oil as measured on the oil market is equal to 1.333 U.S. barrels, and a U.S. barrel is equal to 31.5 gallons. To calculate the price in dollars per gallon, you can divide the equivalent units of a barrel by the U.S. barrels and further divide it by the equivalent gallons of a U.S. barrel.

Therefore, the calculation would be as follows: $94.00 / 31.5 / 1.33 = $2.24 per gallon.

So, if oil is priced at $94.00 per barrel, each gallon would cost approximately $2.24.