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Although crude oil is sometimes shipped in 55-US-gallon drums, the measurement standard of oil in barrels is based on the whiskey containers of the 1870s that measured 42 US gallons (35 imp gal; 159 L). [12] The measure of 42 US or wine gallons corresponds to a wine tierce (third-pipe).
According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa) (or 1 atm). This standard barrel of oil will occupy a different volume at different ...
One US dry barrel: 1.17 × 10 −1: One US beer barrel, 31 US gallons 1.19 × 10 −1: One US fluid barrel (apart from oil or beer), 31.5 US gallons 1.59 × 10 −1: One oil barrel, 42 US gallons, about one tierce (158–160 L) 1.64 × 10 −1: One imperial barrel, 36 imperial gallons 1.80 × 10 −1: One koku: 2 × 10 −1: Standard drum size ...
The standard size barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (35.0 imp gal; 159.0 L). This measurement originated in the early Pennsylvania oil fields , and permitted both British and American merchants to refer to the same unit, based on the old English wine measure, the tierce .
As with the hogshead, the ale barrel underwent various redefinitions. Initially 32 ale or beer gallons (147.9 L), it was redefined in 1688 as 34 ale or beer gallons (157.1 L), and again in 1803 as 36 ale or beer gallons (166.4 L). barrel (Beer) The beer barrel was defined as 36 ale or beer gallons until the adoption of the imperial system.
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It was a very large wooden barrel. A standardized hogshead measured 48 inches (1.22 m) long and 30 inches (76.20 cm) in diameter at the head (at least 550 L or 121 imp gal or 145 US gal, depending on the width in the middle). Fully packed with tobacco, it weighed about 1,000 pounds (454 kg) [citation needed].
Oil prices have room to go higher and could peak short of $100 per barrel, according to one Wall Street analyst. "We think oil into the summer months will kind of top out at around $95+ a barrel ...