When people refer to a barrel of oil costing, say, $130, how much oil is that?

Question

When I think a barrel I think like a wooden one beer or wine would come it. But I don't actually know!

Answer 1

One barrel of CRUDE OIL equals 42 US gallons!

From one barrel of CRUDE OIL we get a minimum of 19.6 to a maximum of 28 US gallons of Gasoline, depending on the CRUDE OIL quality from different wells around the world!

Seven barrels of CRUDE OIL roughly makes a ton of oil!

In 2007, US consumed 142 billion gallons of Gasoline!

Answer 2

The barrels are made of plastic and contains 42 gallons of oil, out of which 23 gallons of gas is made, with the rest going to lubricants, etc.

Answer 3

159 liters

The quality of the oil is defined:

Brent Crude

West Texas Indtermediate (WTI)

Opec Basket

and about 120 others

NYMEX futures, the price quoted on the news, is WTI

Answer 4

About 1 barrel full.