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Does the price of a barrel of oil include the cost of the barrel itself?
2 Answers
- 1 decade agoFavorite Answer
Actually, the big increase in price of a barrel of oil IS the cost of the barrels themselves... there is a rain barrel shortage that has caused a reduction in oil barrels as factories refit and produce rain barrels instead...
the price of the oil is still $1.56 a barrel - same as in 1950's... it is just the barrels cost $126.44 now!!!
;)
- lisalauLv 51 decade ago
no they don't use an actual barrel, it is just a unit of measurement now. The standard barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (34.972 Imperial gallons or 158.987 L, in the old days they used barrels because that was most economical to transport it in, but now we have large Supertankers that just dump it straight into the Hull