I'm in the 8th grade
i have to do a prject about crude oil
and see how much is cost
how is it good
and how is it bad
i did all of that except how much does it cost
2007-10-21 01:56:16 · 7 answers · asked by Anonymous in Science & Mathematics ➔ Engineering
$88.60 a barrel as of close of business October 19th.
$88.60/31 gallons per barrel= $2.86/gallon
2007-10-21 01:59:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The price of crude oil is determined by negotiations between buyers and sellers around the world. Because of transportation costs and other factors, oil is sold at different prices in different places. Crude oil quality also influences the price. The lightest weight oil containing the least sulfur is the easiest to refine and sells for the highest price. Buyers and sellers do not always publicly reveal the price at which oil is sold.
The most widely publicized oil price is the New York Mercantile Exchange (NYMEX) contract price per 42 gallon barrel for 1000 barrels of light sweet crude oil to be delivered in Cushing, Oklahoma during the next month for which bidding is open. On Friday, Oct. 19, 2007, the NYMEX price of oil scheduled for delivery during November 2007 settled at $88.60 per barrel ($2.11/gallon). The last NYMEX trading day for November 2007 oil is Monday, Oct. 22, 2007. On 19 Oct 07, the NYMEX price for December oil was $86.95. The NYMEX oil prices are published daily wherever USA market prices are published. Some financial news television channels display the nearest month NYMEX oil price on the screen almost constantly.
Some other markets around the world also publish oil prices regularly.
2007-10-21 11:00:55 · answer #2 · answered by EE68PE 6 · 0⤊ 1⤋
i do no longer understand the crack unfold. yet I heard that it takes a million/10th oil to 9/10ths of in spite of else they use. So 550 gallons of gasoline from $one hundred worth of oil. i'm uncertain what else(different components) is going in there. So it relatively is 20 cents in line with gallon of oil interior the gasoline? yet i must be incorrect. There are expenses for this distilling technique, shipment, trucking, and so on. And now there are speculators interior the middle, retirement hedge money. Refineries are no longer much less costly and that they are risky. human beings get harm real undesirable in injuries there whilst they happen. and there is often the down time from climate and maintenance.
2016-12-18 13:23:00 · answer #3 · answered by trickey 4 · 0⤊ 0⤋
Crude oil is measured in 'barrels' and one (US) barrel is 42 (US) gallons. So divide the price ($88.60) that TMLeafFan gave you by 42 to get about $2.11 per gallon.
Jeeezzzz...... When I was about your age (which was in the late 50's) I had a part-time job in a Gas Station and I can remember pumping gas for about 12 or 13 -cents- a gallon. And listening to my Dad and his buddies bitching about the price of gas because, back in the 30's, it was a nickel a gallon ☺
Doug
2007-10-21 02:14:54 · answer #4 · answered by doug_donaghue 7 · 2⤊ 1⤋
Crude oil varies but if you go around 50 dollars your not too far off- 44 us gallons in a barrel = about a dollar a gallon of crude.
About 40% ish of crude goes to make petroleum (gasolene if in usa) the rest goes for other by products
2007-10-21 02:03:30 · answer #5 · answered by Anonymous · 0⤊ 1⤋
I heard a barrel of oil is about 49 gallons so the cost per gallon is the current rate divided by 49... about a $1.84 per gallon.
2007-10-21 02:05:06 · answer #6 · answered by Michael S 4 · 1⤊ 1⤋
Last time i heard on the news it was $90 Australian.
2007-10-21 02:02:12 · answer #7 · answered by Simon C 2 · 0⤊ 0⤋