Use the information for the question(s) below.
| Alaska North Slope Crude Oil (ANS) | $71.75/Bbl |
| West Texas Intermediate Crude Oil (WTI) | $73.06/Bbl |
As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude.
Another oil refiner is offering to trade you 10,150 Bbls of Alaska North Slope (ANS) crude oil for 10,000 Bbls of West Texas Intermediate (WTI) crude oil. Assuming you currently have 10,000 Bbls of WTI crude, what should you do?
◦ Trade the 10,000 Bbls WTI crude with the other refiner and then sell the 10,150 Bbls of ANS crude.
◦ Sell 10,00 Bbls WTI crude on the market and use the proceeds to purchase and refine ANS crude.
◦ Trade the 10,000 Bbls WTI crude with the other refiner and refine the 10,150 Bbls of ANS crude.
◦ Do nothing, refine the 10,000 Bbls of WTI crude.
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