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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. [19]
Record-setting oil prices in the first half of 2008 and economic weakness in the second half of the year prompted a 1.2 Mbbl (190,000 m 3)/day contraction in US consumption of petroleum products, representing 5.8% of total US consumption, the largest annual decline since 1980 at the climax of the 1979 energy crisis. [22]
On 8 March, the 2020 Russia–Saudi Arabia oil price war was launched, in which Saudi Arabia and Russia briefly flooded the market, also contributed to the decline in global oil prices. [99] Later on the same day, oil prices had decreased by 30%, representing the largest one-time drop since the 1991 Gulf War. [100] Oil traded at about $30 a ...
October 5, 1913 - A spark from a passing locomotive was blamed for starting a fire, in a 250,000 gallon tank of distillate oil at the San Diego Standard Oil tank yard. As the oil burned it threw sparks skyward, which rained down on several other tanks nearby, igniting them. The fire burned for 2 days. [9]
On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86] Brent crude hit $27.10 on January 20, the lowest since November 2003. [87] Oil rose again before falling January 25, Brent crude reaching $30.86 and U.S. oil $30.68. [88]
While commercial interest did not come until 2008, oil companies have seen potential in the Karoo since the 1960s, when companies found “gas-bearing geological formations” in the area. [8] However, because the formations were deep underground and technology was not advanced enough to pursue such interests, commercial interest did not follow ...
WTI reached $31.13, down 24.6 percent, with Brent $34.36, down 24.1 percent. Both were the lowest since 2016 and the one-day decline was the largest since 1991. [8] On a week when oil fell the most since 2014, Russia rejected plans by OPEC and others to help calm the oil market, and Saudi Arabia was expected to increase production. [9]
The East Texas Oil Field is a large oil and gas field in east Texas. Covering 140,000 acres (57,000 ha) and parts of five counties, and having 30,340 historic and active oil wells, it is the second-largest oil field in the United States outside Alaska, and first in total volume of oil recovered since its discovery in 1930. [ 1 ]