How Much Is In A Barrel Of Crude Oil
Dictionary defines barrel as ‘A large cylindrical container, usually made of staves bound together with hoops, with a flat top and bottom of equal diameter’. It is normally used to contain substances that are in liquid state, example, water and oil. |
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Thanks to the shooting fuel prices burning holes in our pockets, we are all aware of the cost of one barrel of crude oil. But do we how much gallons of oil are in that barrel? Let’s look at this simple calculation:
Crude Oil Density=873 kg / cubic meter
1 cubic meter = 264.172 gallons
1 barrel of oil = 42 gallons
But we are talking of crude oil here. While there is 42 gallons of crude oil in a barrel, not all of it is converted into fuel for use in a refinery. Only 20 gallons of oil that can be used, comes for this 42 gallons. Of course, gasoline is not the only product of the refinement. This quantity of gas from 42 gallons of crude varies depending on the region where it comes from. For example, onshore oil fields in Mexico and some parts of the Gulf produce low density crude oil that is likely to give more than 20 gallons of gas.
To get back to that barrel in question, America uses the standard barrel size for oil measurement. This model of barrel has been in use for sometime now and is modeled on the eighteenth century wine barrel used by the English.
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Prices of crude oil and gas have recently seen a surge. The costs have gone up at an alarmingly fast speed. Of course this is largely due to increasing demand of crude that is not being met evenly across worldwide petroleum markets. To trigger a recession in its demand, prices have been raised. However, this has not brought the desired results. 
