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Tractor Talk Discussion Forum

How much oil in a BARREL ?

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Way Up Here

06-27-2005 09:38:47




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Got some questions here about oil since it is now about $60 US per barrel. How much crude oil is in a barrel (US gallons, Imperial gallons, litres)? And from one barrel of oil, how much gasoliine could be refined from that amount of oil?




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Just Joe

06-27-2005 15:28:06




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 Re: How much oil in a BARREL ? in reply to Way Up Here, 06-27-2005 09:38:47  
About 20 yr ago, oil companies drilled several wells in our area. They claimed they found a lot of oil but it was not under enough pressure to bring it to the surface. They said that the price of oil had to go up more and they would be back when it was profitable. One well did produce and is still operating but not in great quantities. It is only one mile from some of my property. I know the land owner and he says that the well never paid him enough to cover the trouble. I never could quite tell if he was telling me the truth or not.

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Mike in Houston

06-27-2005 15:35:37




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 Re: How much oil in a BARREL ? in reply to Just Joe, 06-27-2005 15:28:06  
Just Joe,
They're not putting you on. I work oil field a good bit on the controls side and have seen off shore platforms have to inject water to get pressure up to get oil up. It's actually lot more stuff they're injecting than water though.
mee



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tlak

06-27-2005 10:58:28




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 Re: How much oil in a BARREL ? in reply to Way Up Here, 06-27-2005 09:38:47  
If your question is "are we being screwed?". YES
My wife and I were just talking about this this morning. In the discussion it was brought up "Do we own everything?" Do we own the refineries, ships, technology, leases on the oil, the oil, etc... So why are we paying that much? If Walmart can negotiate a supplier till he squeals and then squeezes him again, why is a nation of consumers held hostage?

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Matt from CT

06-27-2005 11:41:45




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 Because we're still buying. in reply to tlak, 06-27-2005 10:58:28  
Simple economics.

We're paying it.

If we stop buying, the price will come down.



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dhermesc

06-27-2005 11:32:03




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 Re: How much oil in a BARREL ? in reply to tlak, 06-27-2005 10:58:28  
Domestic oil production in the US lags due to the LOW PRICES. In the 70s and early 80s when oil moved between $20-$40 a barrel the US drilled in every conceivable spot imaginable. 15 years of $20 a barrel or less oil destroyed the domestic market, and wiped huge sections of the drilling industry. Those workers have moved on to new jobs and the equipment had rusted away. Equipment manufactors have also moved on or gone bust. Domestic producers are very leery about expanding production during "boom" times because about the time they start making capital investments the government or OPEC makes moves that will wipe them out.


Factor in inflation and oil is still cheaper then it was in 1980 - so is pump gas. My FIL has 4 capped wells on his farm here in Kansas, until the company is sure oil prices will stay above $50 they will remain capped.

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john in la

06-27-2005 09:57:37




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 Re: How much oil in a BARREL ? in reply to Way Up Here, 06-27-2005 09:38:47  
third party image

42 US gallons per barrel



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Way Up Here

06-27-2005 19:22:23




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 Re: How much oil in a BARREL ? in reply to john in la, 06-27-2005 09:57:37  
Believe it or not John, I didn't really want to start any philosophy discussions on the state of the world economy. I just wanted to know how many gallons in a barrel of oil (and how much gas came from that barrel). Your answer was the one I wanted. Often thought it's funny how all of us have the solutions to everything, and of course it's always someone else's fault. Thanks for the answer. I'll give my explanation to the situation that others have brought up. The fault of course is our own .... our demands for our high-on-the-hog lifestyle have created the problem. From our 3 showers per day, heated swimming pools, driving anywhere and anyplace we feel like at any time, setting our thermostats too high in the winter and the air conditioning too low in the summer, etc. We're the ones to blame, no doubt about it.

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720Deere

06-27-2005 17:25:44




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 Re: How much oil in a BARREL ? in reply to john in la, 06-27-2005 09:57:37  
So, if we are at $60 for 42 gallons of crude oil, we are in for a whopper. That's about $1.50 per gallon of crude. Last time I checked, the taxes are around $0.47 per gallon here in MD. That already has you up to $2.07/gal without shipping and refining costs. There is probably another $0.35/gal to cover those costs which would put us up around $2.42/gal without even considering that it takes more than 1 gal of crude to make a gallon of gasoline.

It sounds like $3 gas is right around the corner and Mad Max is starting to not look like as much of a stupid concept as it once was. You soon won't be able to find locking gas caps on the shelf at the auto parts store and everybody will have a short piece of 3/8" hose and gas can in their trunk! It will cost twice as much to drive to McDonalds as it will to eat there.

Demand is high so prices will never drop. OPEC is an assembly of all the scourge of the earth and they love every minute of this. Like was stated before, they got filthy rich selling $20/barrel oil for all those years how much do you think they are making know?

The funniest thing about this situation is that people will whine and complain about $2/gal gas all the while drinking their $5/gal bottled water. There is nothing more plentiful on this earth than water! We drill wells in our yards and then pay a premium price to import what should come out of that well. It's like having your own oil well yet buying the crude from the Arabs for a ridiculous price.

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tanklord

06-27-2005 12:25:58




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 Re: How much oil in a BARREL ? in reply to john in la, 06-27-2005 09:57:37  
You beat me to it John. Lots of people think a barrel is a 55 gallon drum. Hey, I joined a JD club in Crowley. One of the drivers who brings me mud chemicals has a club there. James Faulk is his name. Him and his dad are big collectors. They will be nice to this Ford Fanatic.



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KenSWLA

06-29-2005 12:52:22




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 Re: How much oil in a BARREL ? in reply to tanklord, 06-27-2005 12:25:58  
Ask Mr. Faulk about a tractor and engine club in Longville. Like most other shows most are green and red tractors but a few are Fords MMs, Olivers, Case and others. I have an 8N, 851 and 3600.



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