Barrel for oil =$99/Barrel of oil = $28

[packman]

Ain't that a kick in the head. Heard gas is under .50 in some states


[URL=.html][IMG][/IMG][/URL]

http://www.independent.co.uk/news/business/news/all-the-things-that-cost-more-than-a-barrel-of-oil-including-a-barrel-a6818786.html


Of course that barrel is just a volume measure, they don't really sell it by a physical, steel barrel - I think

[Duckhunter935]

1. gas under .50, that has to be a typo

[metalbot]

2. Actually, no

But it's a bit of a fluke. The price for gas in one Michigan town is down to .47 in a price war:

http://www.usatoday.com/story/money/2016/01/18/gas-price-fell-77-cents-one-michigan-site/78957822/

[Duckhunter935]

4. ok

[403Forbidden]

7. One Michigan town does not equate to "in some states"

[JonLeibowitz]

3. It is not.

http://www.cnbc.com/2016/01/18/gas-wars-a-gallon-is-just-46-cents-here.html

[Wellstone ruled]

5. Bakken Crude was selling

below $20 last Thursday. Brent and West Texas are the bench mark for the Oil Traders,what refiners are actually pay is some what a secret. Found the under twenty price in a Business story on Bloomberg,went back to recheck a hour latter,big time gone.

[Odin2005]

8. I'm dreading all the uncouth unemployed oil workers ending up here in Fargo.

I've heard a lot of stories from people I know from the oil patch about the oil workers being a rather terrible bunch that caused cases of violent crime, especially rape, to skyrocket.

[Wellstone ruled]

9. Understand what you are saying.

Did a stint in the Texas Patch in the early sixties. Had to roust my crew from the local girly joint or jail from time to time. Booze and back breaking work are about as toxic as it gets. Throw in a little smoke or smack and it is nuts. Williston and Dickenson have a major meth and oxiy issue going. Who would have thought good old Altra Conservative North Dakota would have these issues.

[Odin2005]

10. I often hear stories about how they blow their money on booze, drugs...

...prostitutes, and huge pickups and aggressively sexually harass women.

[Wellstone ruled]

11. It is not pretty.

Boom towns share the same decade old issues,and amazing how the locals are just interested in the immediate wealth affect and to hell with the rest. Never any planning by local and county officials,have a aquiantence that has a R/V business in the Basin,comment to us was every time they drill a new hole,I get to sell another Motor Home.

[madokie]

6. 42 gal barrel is what they

sell it by, not 55 gallon. FWIW

[hunter]

12. From back in the days barrels were made of wood...

...and manufactured to hold things like salted fish.

Historically the actual size of barrels was pretty sketchy in the U.S.A., though the "tierce" was long a standard barrel size in England and cheating the Crown with undersized barrels or the Crown's taxman with oversized barrels was a bad idea.

There's still a lot of mischief going on in the oil business with measurements; everything from self-reported emissions of pollutants to self-reported extraction rates.

[plus5mace]

13. 55 US gallons or 42 imperial gallons.

Because we need two different definitions of gallon (which are never labeled US/imperial, always just "gallon&quot .

[madokie]

14. I have no idea on that

all I know is when they talk about barrels of oil they're talking about a 42 gallon barrel. I'd think that would be US gallons as we used to be and I think maybe still are the biggest purchaser of oil

[catnhatnh]

15. 42 US gallons 35 Imperial gallons

https://en.wikipedia.org/wiki/Barrel_(unit)

[plus5mace]

17. Yes - you're right.

The steel drum they use now is 55 gallon, not the historical "barrel".

[catnhatnh]

16. More:

The standard barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (34.972315754 imp gal; 158.987294928 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.