What do we get from crude oil?

What do we get from crude oil?

These fuels include or can be blended to give gasoline, jet fuel, diesel fuel, heating oil, and heavier fuel oils. Heavier (less volatile) fractions can also be used to produce asphalt, tar, paraffin wax, lubricating and other heavy oils.

What products are made from a barrel of oil?

For many, a barrel of oil is almost synonymous with its most prominent product, gasoline. While almost 40% of a barrel of oil is used to produce gasoline, the rest is used to produce a host of products including jet fuel and plastics and many industrial chemicals.

How much does it cost to refine a barrel of crude oil?

Crude oil is produced worldwide from various locations, such as tradition oil wells, deep-sea (ocean) wells, oil shale fracturing, and Canadian tar sands. The cost to produce a barrel varies from about $20 per barrel in Saudi Arabia’s desserts to $90 per barrel for some deep-water wells.

What was the highest price for a barrel of oil?

The absolute peak occurred in June 2008 with the highest inflation-adjusted monthly average crude oil price of $148.93 / barrel. From there we see one of the sharpest drops in history.

How much other jet fuel is produced from a barrel of oil?

As shown in the figure below, a little more than 19 gallons of gasoline and 10 gallons of diesel fuel are produced from a barrel of crude oil by U.S. refiners….Supporting Information.

Products Gallons Percent
Jet Fuel 3.91 8.7%
Liquefied Petroleum Gases 1.72 3.8%
Heavy Fuel Oil 1.68 3.8%
Other Distillates 1.24 2.8%

What is the price of a barrel of oil in 2021?

The WTI has climbed more than 50% on the year after starting 2021 at around $48.5 per barrel. Demand has increased as people take to the roads amid the economic reopening, and a rebound in goods transportation and air travel also have supported prices.