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Did you know...

That the abbreviation for a barrel of oil, "bbl," actually stands for "blue barrel?" The word "barrel" only has one "b," so why is the abbreviation for a barrel of petroleum "bbl?"  In the early 1860's, when oil production began, there was no standard container for oil, so oil and petroleum products were stored and transported in barrels of all different shapes and sizes (beer barrels, fish barrels, molasses barrels, turpentine barrels, etc.). By the early 1870's, the 42-gallon barrel had been adopted as the standard for oil trade. This was 2 gallons per barrel more than the 40-gallon standard used by many other industries at the time. The extra 2 gallons was to allow for evaporation and leaking during tranport (most barrels were made of wood). Standard Oil began manufacturing 42 gallon barrels that were blue to be used for transporting petroleum. The use of a blue barrel, abbreviated "bbl," guaranteed a buyer that this was a 42-gallon barrel.

That natural gas is odorless, but has an organic compound called mercaptan added to give it an odor?That way, you can detect possible leaks!

What do these things have in common: ink, crayons, bubble gum, dishwashing liquid, deodorant, eyeglasses, tires, and heart valves?  They are ALL made from petroleum!  Americans consume petroleum products at a rate of three-and-a-half gallons of oil and more than 250 cubic feet of natural gas each day!  But, as shown below, petroleum is not just used for fuel!  Following is a partial list of products made from petroleum (144 of 6,000 items!):  
 
One 42-gallon barrel of oil creates 19.4 gallons of gasoline.

The rest (over half) is used to make things such as:

Solvents

Diesel

Motor Oil

Bearing Grease

Ink

Floor Wax

Ballpoint Pens

Football Cleats

Upholstery

Sweaters

Boats

Insecticides

Bicycle Tires

Sports Car Bodies

Nail Polish

Fishing lures

Dresses

Tires

Golf Bags

Perfumes

Cassettes

Dishwasher

Tool Boxes

Shoe Polish

Motorcycle Helmet

Caulking

Petroleum Jelly

Transparent Tape

CD Player

Faucet Washers

Antiseptics

Clothesline

Curtains

Food Preservatives

Basketballs

Soap

Vitamin Capsules

Antihistamines

Purses

Shoes

Dashboards

Cortisone

Deodorant

Footballs

Putty

Dyes

Panty Hose

Refrigerant

Percolators

Life Jackets

Rubbing Alcohol

Linings

Skis

TV Cabinets

Shag Rugs

Electrician's Tape

Tool Racks

Car Battery Cases

Epoxy

Paint

Mops

Slacks

Insect Repellent

Oil Filters

Umbrellas

Yarn

Fertilizers

Hair Coloring

Roofing

Toilet Seats

Fishing Rods

Lipstick

Denture Adhesive

Linoleum

Ice Cube Trays

Synthetic Rubber

Speakers

Plastic Wood

Electric Blankets

Glycerin

Tennis Rackets

Rubber Cement

Fishing Boots

Dice

Nylon Rope

Candles

Trash Bags

House Paint

Water Pipes

Hand Lotion

Roller Skates

Surf Boards

Shampoo

Wheels

Paint Rollers

Shower Curtains

Guitar Strings

Luggage

Aspirin

Safety Glasses

Antifreeze

Football Helmets

Awnings

Eyeglasses

Clothes

Toothbrushes

Ice Chests

Footballs

Combs

CD's

Paint Brushes

Detergents

Vaporizers

Balloons

Sun Glasses

Tents

Heart Valves

Crayons

Parachutes

Telephones

Enamel

Pillows

Dishes

Cameras

Anesthetics

Artificial Turf

Artificial limbs

Bandages

Dentures

Model Cars

Folding Doors

Hair Curlers

Cold cream

Movie film

Soft Contact lenses

Drinking Cups

Fan Belts

Car Enamel

Shaving Cream

Ammonia

Refrigerators

Golf Balls

Toothpaste

Gasoline

 

That crude oil comes from plant and animal material that died millions of years ago?  Heat and pressure turned the matter into a thick dark liquid.  Crude oil is also called petroleum or fossil fuel.

 

That crude oil and natural gas are found deep in the ground trapped in pools between layers of rocks?

 

That the term petroleum comes from the Latin stems petra, "rock," and oleum, "oil" - "rock oil."  It is used to describe a broad range of hydrocarbons that are found as gases, liquids, or solids beneath the surface of the earth. The two most common forms are natural gas and crude oil.

 

That there are three different types of crude oil:

  • Heavy Crude - which is dark, thick and sticky
  • Medium Crude -
  • Light Crude - which is a light, golden color and flows easily

 

 

$6.743
  Nov 19, 2008
  Natural 
      Gas    
Per MMBTU
  NYMEX
 

$53.62
Nov 19, 2008

 Crude Oil
Per Barrel
 NYMEX