Refineries paying less for oil, making more profit on gas prices

Tuesday, August 30, 2011 | 1:15 p.m. CDT

COLUMBIA – Midwestern refineries are paying 25 percent less for oil, but gas prices have only dropped 10 percent, according to a report in the Kansas City Star. HollyFrontier, a refinery that has a location in Kansas, reported record high second quarter earnings.

Boone County, at $3.48 a gallon, has lower gas prices than the national average of $3.62 according to The lowest price for a gallon of gas in the country is in Tuscon, Ariz., at $3.267, and the highest is in Chicago at $3.997, as listed on

The U.S. Energy Information Administration lists the current price of crude oil at $87.27 per barrel, a $3.15 increase from last week.

According to the U.S. Energy Information Administration's website, each barrel of crude oil contains 42 gallons. From each barrel, about 45 gallons of petroleum products can be produced. Refineries use only about 19 gallons of the barrel for gasoline.

The report stated that Midwest gas prices have been among the highest in the U.S. during the last month.

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