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With the exception of the pipeline, the tanker is the most cost-effective way to move oil today. [38] Worldwide, tankers carry some 2 billion barrels (3.2 × 10 11 L) annually, and the cost of transportation by tanker amounts to only US$0.02 per gallon at the pump. [38]
A diesel cycle engine can be as much as 40% to 50% efficient at converting fuel into work, [2] where a typical automotive gasoline engine's efficiency is about 25% to 30%. [3] [4] In general, an engine is designed to run on a single fuel source and substituting one fuel for another may affect the thermal efficiency.
The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel (42 US gallons, 35 imp gal or about 159 litres) of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure ...
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). This standard barrel of oil will occupy a different volume at different pressures and ...
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet.
The tonne of oil equivalent (toe) is a unit of energy defined as the amount of energy released by burning one tonne of crude oil. It is approximately 42 gigajoules or 11.630 megawatt-hours , although as different crude oils have different calorific values , the exact value is defined by convention; several slightly different definitions exist.
Oil train near La Crosse, Wisconsin. Petroleum transport is the transportation of petroleum and derivatives such as gasoline (petrol). [1] Petroleum products are transported via rail cars, trucks, tanker vessels, and pipeline networks. The method used to move the petroleum products depends on the volume that is being moved and its destination.
Custody Transfer in the oil and gas industry refers to the transactions involving transporting physical substance from one operator to another. This includes the transferring of raw and refined petroleum between tanks and railway tank cars; onto ships, and other transactions. Custody transfer in fluid measurement is defined as a metering point ...
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