From "When Gas Gets Tight":
Middle East ethane is valued at fuel value with gas at 75 cents per million British thermal units; discounts on naphtha are assumed at 25 % for the curve.
I can't wrap my mind around this.
Is the ethane value calculated based on how many BTU its burning produces? What is the role of the word gas here? Why not simply:
Middle East ethane is valued at fuel value: at 75 cents per million British thermal units; discounts on naphtha are assumed at 25 % for the curve.
Or do they imply "we assume the price of gas(oline) to equal 75 cents per million BTU, and calculate the value of ethane from that"?
Here is the image containing the sentence I quoted: