Actually, a wine barrel is 59, 60, or 79 gallons, depending on the type. Bordeaux - 59 gallons, Burgundy - 60 gallons, or Cognac - 79 gallons.^–- No worries. A barrel of wine is 55 gal, and I’d take one of those over a barrel of oil any day.
A fascinating read is The Prize, by Danial Yergin. Gasoline was a waste product, dumped on the ground or in a nearby waterway in the production of kerosene. Refining was a cottage industry. Standard oil made their name by producing kerosene that one could trust not to blow up due to impurities.When filled with oil instead of fish or other commodities, a 42-gallon “tierce” weighed 300 pounds. The 42-gallon oil barrel was officially adopted in 1866. ... Pennsylvania led the world in oil production as demand for kerosene soared. The 42-gallon standard was adopted by the Petroleum Producers Association in 1872.
I think the airplanes in my vicinity are trying to make up for the deficit. They're flying all over the place.Oil industry is a fickle beast. Prices went negative, which is a strange phenomenon. New York futures traders were essentially paying people to take oil contracts. The futures contracts were expiring, and when they go from "future" contract to "today" contract the guy holding the contract has to take delivery of the crude. Having been to Manhattan, I didn't see many tank batteries, so I don't think those wall street guys were prepared for the possibility of actually taking delivery of crude.
Currently no demand and a surplus of product. People aren't driving, planes aren't flying much, shipping containers not sailing. etc etc. Everyone's storage capacity is at max and no one can take delivery of product.
I work for an oil producer, won't say who, but we basically had to shut in a majority of our wells, may potentially shut them all. Our biggest buyer refines our type of crude into Jet fuel. They aren't selling much jet fuel right now. Their finished product holding tanks are full. Their raw material holding tanks are full. We received notice they will not be taking any new raw crude.
At the end of the day, for us, the day to day price of oil is irrelevant. We aren't selling any at any price until people start flying and driving again.
Very interesting. I saw a history special over a year ago about John D. Rockefeller. He figured out how to refine kerosene, which would not explode in a lamp. I wondered what happened to the very flammable and hazardous portions, such as gasoline and benzene. Thanks.Gasoline was a waste product, dumped on the ground or in a nearby waterway in the production of kerosene. Refining was a cottage industry.