What is Barrel of Oil
Now hovering at $140
One barrel of oil is the same as:
159 litres (8 buckets of water)
The weight of a barrel depends on where the oil comes from However, there are about 8 barrels in a tonne.
1 Gal(US Liq)= 3.78541 L
Present cost $144
1 L Petrol in Chennai (India)= Rs55.00
1 Gallon in US= $4
1 L gasoline in US= 160/3.785= Rs42.20
Projected Cost at $200 a barrel
1 gallon in US= $6
1 L in India= Rs80.00
The standard barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (34.972 Imperial gallons or 158.987 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.
Earlier, another size of whiskey barrel was the most common size; this was the 40 US gallons (33.3 imp gal/151.4 L) barrel for proof spirits, which was of the same volume as 5 US bushels. However, by 1866 the oil barrel was standardized at 42 US gallons.
Oil is not actually shipped in barrels since the introduction of oil tankers, but the 42-US-gallon size is still used as a unit for measurement, pricing, and in tax and regulatory codes. Each barrel is refined into about 25 gallons of gasoline, the rest becoming other products such as jet fuel and heating oil, using fractional distillation.
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