Can I get rid of this space between the text and the embedded Youtube video?

See here:

http://ibb.co/dvCrNc

Is that really possible? Coz that space is the bottom margin for paragraphs

.td-post-content p {
    margin-bottom: 26px;
}

Unless you don’t want any space below your paragraphs (Which makes everything look like this http://prntscr.com/ijoff5, then you can set the margin to in the code above to zero, which is not recommended coz it will break the layout of all your paragraphs in your website).

Another option might be to use this code

iframe {
    margin-top: -25px;
}

(you can try to adjust the pixel number to the exact space you want while maintaining that negative symbol) but I am not sure if there are other theme elements that use iframe and they might be affected by this code. Maybe you can try to check around after pasting the code into your custom css.

Ok. thanks