I think the $4 a gallon quote was supposed to be for gas, not oil. My $220 comment was meant as a tease. Question for you, it appears you know a bit about the oil business, in this country a barrel of oil, grease, kerosene, etc. is sold in 55 gallon drums. I’m clear on all of the input costs that have to be considered to get finished product to market and that barrel is only a term to calculate bulk volume but why is an oilfield barrel 42 gallons and not the US standard of 55 gallons?
A standard oil field barrel is 42 gallons or 5.615 cubic feet. This is the standard used for all oil field calculations involving this measure.
Wish I had a nickel for every time I’ve punched 5.615 or .1337 into a calculator. If I did I wouldn’t still be doing it.
Well, actually I probably would because I really like what I do most days.
The steel drum is 55 gallons.