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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).
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 ...
This volume of natural gas has the same energy content as one US gallon of gasoline (based on lower heating values: 900 BTU/cu ft (9.3 kWh/m 3) of natural gas and 114,000 BTU/US gal (8.8 kWh/L) for gasoline). [22] One GGE of CNG pressurized at 2,400 psi (17 MPa) is 0.77 cubic feet (22 litres; 5.8 US gallons).
Both the 42-US-gallon (159 L) barrels (based on the old English wine measure), the tierce (159 litres) and the 40-US-gallon (150 L) whiskey barrels were used. Also, 45-US-gallon (170 L) barrels were in common use. The 40 gallon whiskey barrel was the most common size used by early oil producers, since they were readily available at the time.
The average price at the pump is $1.61 higher than it was one year ago. Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $6.20 per gallon.
On average, U.S. petroleum refineries produce about 19 to 20 gallons of gasoline, 11 to 13 gallons of distillate fuel diesel fuel and 3 to 4 gallons of jet fuel from each 42 gallon (152 liters) barrel of crude oil. The product ratio depends upon the processing in an oil refinery and the crude oil assay. [13]
The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.