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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 ...
Break-bulk boats and barges were originally used to transport Pennsylvania oil in 40-US-gallon (150 L) wooden barrels. [9] But transport by barrel had several problems. The first problem was weight: they weighed 29 kilograms (64 lb), representing 20% of the total weight of a full barrel. [ 10 ]
International Safety Guide for Oil Tankers and Terminals (ISGOTT). New York: Hyperion Books. ISBN 1-85609-081-7. Marine Board (1998). Double-Hull Tanker Legislation: An Assessment of the Oil Pollution Act of 1990 (1998). Marine Board Commission on Engineering and Technical Systems. Washington, D.C.: National Academy Press. ISBN 0-309-06370-1
As of 2007, the facility processed approximately 238,000 bbl/d (37,800 m 3 /d) of crude oil, producing 145,000 bbl/d (23,100 m 3 /d) of gasoline and 110,000 bbl/d (17,000 m 3 /d) of distillates. Its products are delivered to East Coast customers via pipeline transport, barges, railcars and tank trucks. [1]
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The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
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