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On average, U.S. petroleum refineries produce about 19 to 20 gallons of gasoline, 11 to 13 gallons of distillate fuel diesel fuel and 3 to 4 gallons of jet fuel from each 42 gallon (152 liters) barrel of crude oil. The product ratio depends upon the processing in an oil refinery and the crude oil assay. [12]
In contrast, one tonne of crude oil might occupy 6.5 barrels (1,030 litres; 273 US gallons), and one tonne of gasoline will require 7.9 barrels (1,260 litres; 332 US gallons). [20] Overall, the conversion is usually between 6 and 8 barrels (954 and 1,270 litres; 252 and 336 US gallons) per tonne.
The history of gasoline started ... oil and gasoline for its blitzkrieg offensive and had annexed Austria, adding 18,000 barrels (2,900 m 3; 100,000 cu ft) per day of ...
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]
The modern U.S. petroleum industry is considered to have begun with Edwin Drake's drilling of a 69-foot (21 m) oil well in 1859, [37] on Oil Creek near Titusville, Pennsylvania, for the Seneca Oil Company (originally yielding 25 barrels per day (4.0 m 3 /d), by the end of the year output was at the rate of 15 barrels per day (2.4 m 3 /d)).
The average vehicle of the time consumed between two and three liters (about 0.5–0.8 gallons) of gasoline an hour while idling, and it was estimated that Americans wasted up to 150,000 barrels (24,000 m 3) of oil per day idling their engines in the lines at gas stations. [14] Gas coupon printed but not issued during the 1979 energy crisis
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).
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. [16] [17] Proceeds from the tax partly support the Highway Trust Fund. The federal tax was last raised on October 1, 1993, and is not indexed to inflation, which increased 111% from Oct. 1993 until Dec. 2023.