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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 ...
The tierce (also terse) is both an archaic volume unit of measure of goods and the name of the cask of that size. [1] The most common definitions are either one-third of a pipe or forty-two gallons. In the petroleum industry - a barrel of oil is defined as 42 US gallons.
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.
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 .
After the Arab Oil Embargo of the 1970s, energy stocks rallied as gas and oil prices skyrocketed. Energy's weight in the S&P 500 went from 7% in 1972 to 28% at the tail end of 1980.
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 ...
The tun (Old English: tunne, Latin: tunellus, Middle Latin: tunna) is an English unit of liquid volume (not weight), used for measuring wine, oil or honey.It is typically a large vat or vessel, most often holding 252 wine gallons, but occasionally other sizes (e.g. 256, 240 and 208 gallons) were also used.