Step 1: Understanding the Concept:
The American Petroleum Institute (API) gravity is an inverse measure of the relative density of a petroleum liquid compared to water.
Key Formula or Approach:
\[ ^\circ\text{API} = \frac{141.5}{\text{Specific Gravity at } 60^\circ\text{F } (15.56^\circ\text{C})} - 131.5 \]
Step 2: Detailed Explanation:
For pure water with specific gravity \(\text{SG} = 1.0\):
\[ ^\circ\text{API} = \frac{141.5}{1.0} - 131.5 = 10.0 \]
For the given petroleum product with \(\text{SG} = 0.99\):
\[ ^\circ\text{API} = \frac{141.5}{0.99} - 131.5 \approx 142.93 - 131.5 = 11.43 \]
Since \(11.43 > 10\), the API gravity of the product is greater than 10.
Step 3: Final Answer:
Thus, the API gravity is more than 10, matching option (C).