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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX).
In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported. However, as of January 2015, the price of oil has decreased to around $50 per barrel. [27]
By the mid-1980s, recommended viscosities had moved down to 5W-30, primarily to improve fuel efficiency. A typical modern application would be Honda motor's use of 5W-20 (and in their newest vehicles, 0W-20) viscosity oil for 12,000 kilometres (7,500 mi).
Due to the decline in oil prices during the Great Recession, Greka laid off 30 people in March 2009, representing about 20% of its staff in the Santa Maria area. [ 20 ] Greka changed its name to HVI Cat Canyon, Inc. in May 2011, going back to a name it had used prior to 1999 for its operations on the East Cat Canyon Oil Field .
The gas station is no longer active and has been converted into an event space. 76 ball logos also adorn the baseball field's on-deck circles. Union Oil was a longtime sponsor of the Dodgers baseball team, beginning with their relocation to Los Angeles from Brooklyn in 1958. The sponsorship by the 76 brand continues to this day.
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