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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
The gas price prior to reform was $0.10 US per liter with the quota of 100 liters per month per passenger car. The reform raised the price to $0.40 US per liter and later reduced the ration to 60 liters per month. The price for over-quota consumption and the imported cars were $0.70 US per liter.
In the oil industry, one barrel (unit symbol bbl) is a unit of volume used for measuring oil defined as exactly 42 US gallons, approximately 159 liters, [10] [11] or 35 imperial gallons. [ 10 ]
In 1994, the US National Institute of Standards and Technology (NIST) defined "gasoline gallon equivalent (GGE) [as] 5.660 pounds of natural gas." [1] Compressed natural gas (CNG), for example, is a gas rather than a liquid.
1 mL of water weighs 1 gram so a recipe calling for 300 mL (≈ 1 ⁄ 2 Imperial Pint) of water can simply be substituted with 300 g (≈ 10 oz.) of water. 1 fluid ounce of water weighs approximately 1 ounce so a recipe calling for a UK pint (20 fl oz) of water can be substituted with 20 oz of water.
Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transportation cost. This is the price that controls world oil market price.
From 1998 to 2004, the price of gasoline fluctuated between $0.26 and $0.53 per liter ($1 and $2/U.S. gal). [101] After 2004, the price increased until the average gasoline price reached a high of $1.09 per liter ($4.11/U.S. gal) in mid-2008 but receded to approximately $0.69 per liter ($2.60/U.S. gal) by September 2009. [101]