Cost Of Crude Oil

I'm in Grade 8
I must make a prject about crude oil
and see what is the cost
how good it is
and how is it bad
I did everything except how much it costs

88.60 dollars a barrel at the close of business on October 19.

$ 88.60/31 gallons per barrel = $ 2.86/gallon

I heard a barrel of oil is about 49 gallons so the cost per gallon is the current rate divided by 49 ... a $ 1.84 per gallon.

Crude oil is variable, but if you go to about $ 50 you're not too far-us 44 gallons in a barrel = about a dollar a gallon of crude oil.
About 40% of crude oil will do ish (gasoline, if the United States) the rest goes to other products by

The price of crude oil is determined by negotiations between buyers and sellers worldwide. Because of transportation costs and other factors, oil is sold at different prices in different locations. the quality of crude oil also affects the price. Oil lightest weight containing less sulfur is easier to refine and sell to the highest price. Buyers and sellers do not always publicly reveal the price of oil is sold.

The price of oil is the most widely publicized New York Mercantile Exchange (NYMEX) contract price per barrel 42 gallons per 1000 barrels of sweet light crude oil for delivery at Cushing, Oklahoma in the next month for which the auction is open. On Friday, October 19, 2007, the NYMEX price of oil should be delivered in November 2007 stood at 88.60 dollars per barrel ($ 2.11/gallon). The last trading day in November 2007 NYMEX oil is Monday, October 22, 2007. On Oct 19, 07, the NYMEX price of oil in December was $ 86.95. NYMEX oil prices are published each day the market prices are U.S. published. Some TV channels show the new financial NYMEX oil prices of the month nearest the screen almost constantly.

Other world markets also publish regular price of oil.

Crude oil is measured in gallons and barrels (U.S.) a barrel is 42 (U.S.). Thus, divide the price ($ 88.60) that you gave TMLeafFan by 42 to get about $ 2.11 a gallon.
Jeeezzzz ...... When I was your age (which was in his late 50s) I had a part-time job at a gas station and I remember pumping gas for about 12 or 13-cents a gallon. And listening to my father and his friends bitching about gas prices because in the 30s, it was a penny a gallon?

Doug

The last time I heard the news he was $ 90 Australian.