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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 ...
Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa) (or 1 atm). This standard barrel of oil will occupy a different volume at different ...
In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume. Later price rises let the production grow only by small numbers.
The National Conference of Weights & Measurements (NCWM) has developed a standard unit of measurement for compressed natural gas, defined in the NIST Handbook 44 Appendix D as follows: "1 Gasoline [US] gallon equivalent (GGE) means 2.567 kg (5.660 lb) of natural gas." [23]
American drivers had it rough back in 1981. The average price of gasoline spiked to $1.353 a gallon that year — up from $1.221 in 1980 and more than double the price just three years earlier.
A force capable of giving a mass of one kilogram an acceleration of one metre per second per second. [32] = 1 N = 1 kg⋅m/s 2: ounce-force: ozf ≡ g 0 × 1 oz = 0.278 013 850 953 781 25 N: pound-force: lbf: ≡ g 0 × 1 lb = 4.448 221 615 2605 N: poundal: pdl ≡ 1 lb⋅ft/s 2 = 0.138 254 954 376 N: short ton-force: tnf [citation needed] ≡ ...
By comparison, inflation under Biden peaked at 9% in 2022 as oil spiked after Russia invaded Ukraine, while the fed funds rate reached as high as 5.25%-5.5% in 2023.