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Both the 42-US-gallon (159 L) barrels (based on the old English wine measure), the tierce (159 litres) and the 40-US-gallon (150 L) whiskey barrels were used. Also, 45-US-gallon (170 L) barrels were in common use. The 40 gallon whiskey barrel was the most common size used by early oil producers, since they were readily available at the time.
The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel (42 US gallons, 35 imp gal or about 159 litres) of crude oil.
Robert E. Hardwicke asked the question in his The Oilman's Barrel: [8] why is oil measured in 42-gallon barrels? One hypothesis was that early oil drilling in Pennsylvania used tierce whiskey barrels for storage, and the standard developed from there. Ultimately, he was unable to find adequate support for the hypothesis. [9]
Still, US oil is trading below $74 a barrel, well below where it was when Hamas attacked Israel on October 7. Gas prices neared the psychologically important level of $4 a gallon in September.
Although crude oil is sometimes shipped in 55-US-gallon drums, the measurement standard of oil in barrels is based on the whiskey containers of the 1870s that measured 42 US gallons (35 imp gal; 159 L). [12] The measure of 42 US or wine gallons corresponds to a wine tierce (third-pipe).
US gas prices will fall to $3.20 per gallon this year and $3.00 per gallon in 2026, the EIA says. ... The EIA forecasts Brent crude will fall 8% to an average of $74 per barrel in 2025 and 11% to ...
Crude oil prices spiked last week amid fears the Israel-Hamas war could broaden to other countries — namely Iran — a key global oil producer.. Despite last week's gains, prices are still ...
Oil has not been shipped in barrels [29] since the introduction of oil tankers, but the 42 US gallon size is still used as a unit of measurement for pricing and tax and regulatory codes. Each barrel is refined into about 20 US gallons (17 imp gal; 76 L) of gasoline , [ 30 ] the rest becoming other products such as jet fuel and heating oil ...