10 billion barrels found off the coast of Mexico.  Like I've been repeating ad nauseum, there is plenty of oil out there, it's just more challenging to exploit than the low-hanging fruit in places like Saudi Arabia (whose known reserves are 120 times larger than this Mexican discovery).  But if the price of oil's high enough, if we develop the technologies needed to access deep-water oil, and we don't pile endless environmental regulation, taxes and red tape on energy companies, there's no reason we can't keep on finding these new deposits and tapping them.  On the demand side, higher oil prices will spur conservation and alternatives to petroleum use. We're not going to run out of oil.

Fox Announces Major Mexico Oil Find

By MIGUEL HERNANDEZ, Associated Press Writer Tue Mar 14, 9:08 PM ET

VERACRUZ, Mexico - President
Vicente Fox climbed aboard a drilling platform in the Gulf of Mexico on Tuesday to formally announce a new deep-water oil discovery he said could eventually yield 10 billion barrels of crude oil.

An exploratory well dubbed Noxal 1 was drilled at a depth of 3,070 feet below the water, and is seeking a depth of 13,125 feet.

"With Noxal we will begin a new era of oil exploration in our country," Fox said aboard the "Ocean Worker 6 Britania" platform.

Government estimates say the find could exceed reserves at the giant offshore field Cantarell, Mexico's largest oil field, which has seen its production decline but is still expected to yield 1.9 million barrels a day this year.

Luis Ramirez, chief executive of Mexico's government-run oil monopoly Petroleos Mexicanos, or Pemex, said Noxal is the fourth deep-water well explored by Pemex.

Ramirez said that while production tests will be conducted in coming weeks, "evidence found is sufficient to infer potential reserves to be discovered that could reach 10 billion barrels of crude oil equivalent."

"This number, compared with annual production of 1.6 billion barrels of crude, shows its strategic importance," Ramirez said, adding that crude oil production at Noxal likely won't begin for eight to 10 years.

Fox said his administration has invested more than $6.3 billion in exploration in the last five years. Pemex expects the new find to offset further production declines at Cantarell expected in coming years.

Pemex contracted a private company to drill the well. The fastest way to get the oil out would be by Pemex forming alliances with companies that have the deep-water technology. However, current laws forbid private companies from exploration and production activities in Mexico except under contract to Pemex.

The Fox administration has been attempting to ease foreign investment restrictions in the state-run energy sector. But those efforts have been blocked in Congress.

Pemex produced 3.33 million barrels a day of crude oil last year, of which it exported 1.82 million barrels. This year, the company expects to raise production to about 3.42 million barrels a day.

news.yahoo.com/s/ap/20060315/ap_on_bi_ge/mexico_oil_find_1

Great now all we need are refinerys to refine it. Its the Refineries that jack up the price.

Quoted: Great now all we need are refinerys to refine it. Its the Refineries that jack up the price.

The Democrats are still demagouging that it's a giant collusion between oil companies to not build refineries to keep the price artifically high.  The oil companies and free market types say it's overweening environmental, NIMBYism and safety regulations that have stopped the building of new refineries.  So who's telling the truth?

When moves were made in Congress to facilitate building new refineries, who started screeching: oil companies and their Republican buddies, or environmentalists and their Democrat buddies?

Democrats Attack Bill to Boost Refineries
Oct 07 11:10 AM US/Eastern
Email this story

By H. JOSEF HEBERT
Associated Press Writer

WASHINGTON

A new Republican-crafted energy bill, prompted by the hurricane devastation and high fuel prices, came under sharp attack Friday from Democrats who called it a sop to rich oil companies that would do little to curb gasoline or natural gas costs, while hurting the environment. But wait a minute, I thought the Democrats said it was the oil companies that didn't want to build more refineries in order to keep prices artificially high

Supporters argue the measure is needed to spur construction of new refineries. The House was expected to vote on it later in the day.

In an attempt to ease approval of the bill, Rep. Joe Barton, R-Texas, removed a particularly contentious provision Friday that would have implemented clean air regulation changes long sought by the Bush administration. It would have allowed not only refineries, but also coal-burning power plants and other industries to expand and make changes without adding pollution controls even if emissions increase.

Still, Democrats and a few Republicans lambasted the legislation as debate opened on the House floor.

It does nothing to curb oil use by requiring more fuel efficient cars or promoting alternative energy sources, said Rep. Edward Markey, D- Mass. He called it "a leave-no-oilman-behind bill."

Attempts to add requirements that automakers increase vehicle fuel economy and a measure aimed at producing more natural gas were thwarted by GOP leaders who strictly limited the ability by lawmakers to amend the bill.

"Natural gas is an issue this (Congress) needs to deal with," said Rep. John Peterson, R-Pa., who was prevented under House rules for the bill from offering a proposal that would have opened offshore natural gas resources to drilling.

Hurricanes Katrina and Rita shut down more than a dozen refineries and disrupted natural gas supplies. Gasoline prices soared and huge increases in heating bills are expected this winter for users of both gas and fuel oil.

Barton says vulnerabilities in the fuel supply system exposed by the hurricanes show that the country needs to build more refineries, especially away from the Gulf Coast region. No refineries have been built in the United States since 1976 as the industry has consolidated to fewer, but larger facilities.

The GOP legislation also would limit to six the different blends of gasoline and diesel fuel that refiners would be required to produce, reversing a trend of using so-called "boutique" fuels to satisfy clean air demands. And it would give the federal government greater say in siting a refinery and pipeline. It also calls on the president to designate military bases or other federal property where a refinery might be built.

"The bill weakens state and federal environmental standards ... and gives a break to wealthy oil companies while doing little or nothing to affect oil prices," Rep. Sherwood Boehlert, R-N.Y., said in a letter Thursday to colleagues.

With prices soaring, "oil companies now have all the profits and incentives they need to build new refineries" without government help, he maintained.

Barton countered that it will give industry more "certainty" that a refinery project will not be delayed "without lessening any environmental law now on the books. ... The bill sets in motion a chain of events for lowering gas prices for Americans."

Among the groups trying to kill the bill were the National League of Cities, nine state attorneys general, most environmental organizations and groups representing state officials in charge of implementing federal clean air requirements. They said the bill would hinder their ability to ensure clean and healthy air.

Environmentalists also have argued that the limit to six gasoline types could jeopardize the requirement for use of low-sulfur diesel fuel. The low-sulfur diesel regulations have been touted by the Bush administration as one of the Environmental Protection Agency's most significant accomplishments.

In 1981, the United States had 325 refineries capable of producing 18.6 million barrels a day. Today there are fewer than half that number, producing 16.9 million barrels daily. Still, refining capacity has been increasing, though not dramatically, for the last decade. Imports have made up the difference as demand has continued to increase.

www.breitbart.com/news/2005/10/07/D8D3903O1.html

Tag for Peak (I've never had a real woman) Oil's reply.

People always cite the fall in petroleum finds in the 90s as evidence that they have peaked, what they don't take into account was the 'dagerously low' price of oil in the mid and late 90s. Why would you invest in exploration when the market is already flooded?

Guess what? Now that the price is high again oil companies are investing once again in exploration. Oh yeah, and lets not forget the fact that Exxon-Mobile now has patented the first economically viable oil shale extraction system and expects that to come online with a production cost in the $30-40 a barrel range.

This isn't even thinking about some of the really cool stuff that could happen if things got worse, Coal Liquification for example would provide us with giant amount of petroleum and becomes viable if crude costs stay permanently above $45 a barrel. Hell, if we start throwing up new reactors or if there is a break through in fusion we can just electroysis(sp?) water and use the hydrogen combined with atmospheric carbon to produce all the synthetic hydrocarbons we want!

God bless technology combined with the free market.

Wait a minute, are you telling me the sky ISN'T falling???

Quoted: Tag for Peak (I've never had a real woman) Oil's reply.

Ditto.  Waiting on Peak (I also have carpal tunnel syndrome and tennis elbow) Oil.  

And ditto to the Armed_Scientist

my friend the day PEAKOIL meets you is the day you will be missing your front teeth.

Quoted: my friend the day PEAKOIL meets you is the day you will be missing your front teeth.

LOL, well there is always going to be a certain set that is convinced that the end of the world is around the corner, and it's an ego boost to those 'in the know' since they are 'more informed' then the public at large.

If it isn't Y2k, it'll be the bird flu, if it isn't the bird flu it's peak oil, if it isn't peak oil then it'll be the big bad incan calander out to get us!


Those incans scare me....

Quoted: my friend the day PEAKOIL meets you is the day you will be missing your front teeth.

Is that some kind of threat?

Quoted: Quoted: my friend the day PEAKOIL meets you is the day you will be missing your front teeth. LOL, well there is always going to be a certain set that is convinced that the end of the world is around the corner, and it's an ego boost to those 'in the know' since they are 'more informed' then the public at large. If it isn't Y2k, it'll be the bird flu, if it isn't the bird flu it's peak oil, if it isn't peak oil then it'll be the big bad incan calander out to get us! Those incans scare me....

The Great Green Arklesizeure.  

"The Jatravartid people, however, believe that the Universe was sneezed out of the nose of a being called the Great Green Arkleseizure. They live in perpetual fear of the time they call The Coming of the Great White Handkerchief. Theory of the Great Green Arkleseizure is not widely accepted outside Viltvodle VI."

I am VERY VERY VERY AFRAID of the Great White Hankerchief.

Quoted: Quoted: my friend the day PEAKOIL meets you is the day you will be missing your front teeth. Is that some kind of threat?

Or a comment on how old you will be by the time it happens.

Quoted: my friend the day PEAKOIL meets you is the day you will be missing your front teeth.

Genius!!


Is that going to be the new catchphrase de jour, along with "Can you smell it, shipmates?"






(For those of you not in on the joke, that was a thread made towards me yesterday by a guy wanting to buy an NFA 14.5" barrel, and claiming he was a machinegun team leader in the Marines.  Unfortunately, his story kept changing, and he eventually admitted that he wasn't actually in the marines now, but was definitely going to be, and used to be - but for some reason refused to answer questions about his prior service .  He made the threat when I questioned whether he was actually in the Marines, and told him that it tended to piss people off when you lie about military service)

Great, so we can find and exploit more oil.



Does that mean we should disregard technological advancement and just stick with what we got?  

Quoted: Quoted: my friend the day PEAKOIL meets you is the day you will be missing your front teeth. Genius!! Is that going to be the new catchphrase de jour, along with "Can you smell it, shipmates?" (For those of you not in on the joke, that was a thread made towards me yesterday by a guy wanting to buy an NFA 14.5" barrel, and claiming he was a machinegun team leader in the Marines.  Unfortunately, his story kept changing, and he eventually admitted that he wasn't actually in the marines now, but was definitely going to be, and used to be - but for some reason refused to answer questions about his prior service .  He made the threat when I questioned whether he was actually in the Marines, and told him that it tended to piss people off when you lie about military service)

An NFA bbl?  WTF?  You can buy those at any gunshow around here or even have them shipped from Bushmaster or whoever.  People put them on pistols sometimes so they aren't necessarily for SBRs or machineguns.

The threat about the teeth is funny htough.  Are you worried?

How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel?

Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel?

There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline.

Quoted: An NFA bbl?  WTF?  You can buy those at any gunshow around here or even have them shipped from Bushmaster or whoever.  People put them on pistols sometimes so they aren't necessarily for SBRs or machineguns. The threat about the teeth is funny htough.  Are you worried?

I guess he wanted to buy a complete 14.5" upper - and after being told a few days before that he'd need a tax stamp and pay $200, suddenly he wanted to buy one to use in the service, because he claimed he was in the marines.  (even though a few days before that, he claimed he was about to join Blackwater, or become a LEO, and a few days before that he was just a guy who had bought an ar-15 lower for the first time in his life - his story kept changing)

It was hilarious watching him act furiously indignant about the insult to his honorable service, and then REFUSE to answer simple questions about where and when he served (which anybody who served would be ablet o immediately answer) - and also admit that he wasn't actually in the service right now  

I memorialized his thread in a monk-e-mail here: www.careerbuilder.com/monk-e-mail/?mid=5128231



As an aside, the only internet person I've ever worried about was that frdmftr1 guy, because he clearly was suffering from some form of paranoid delusion, and might actually be dangerous.

Quoted: <snip> As an aside, the only internet person I've ever worried about was that frdmftr1 guy, because he clearly was suffering from some form of paranoid delusion, and might actually be dangerous.

You are only afraid of him because he exposed you as a psychopolitician doing the bidding of your communist overlords.

Quoted: Quoted: <snip> As an aside, the only internet person I've ever worried about was that frdmftr1 guy, because he clearly was suffering from some form of paranoid delusion, and might actually be dangerous. You are only afraid of him because he exposed you as a psychopolitician doing the bidding of your communist overlords.

Curses!  Foiled again.

Quoted: Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel? There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline.

I thought they were 55 gallon drums WTF ?

Uh yeah, do you deny that the concept of peak oil even exsists? Because it does. It just a question of when we wil hit it. maybe it wont be for 100 years or even 500, but it does exsist. All non-renewable resources have a peak. Also this does'nt really help us in terms of the green house effect now does it? in a way it could make it worse as we put off looking for alternatives. Oh but i forgot you dont belive in that either. Do you even belive in evolution?

LOL, well there is always going to be a certain set that is convinced that the end of the world is around the corner, and it's an ego boost to those 'in the know' since they are 'more informed' then the public at large. If it isn't Y2k, it'll be the bird flu, if it isn't the bird flu it's peak oil, if it isn't peak oil then it'll be the big bad incan calander out to get us!

You forgot those that are fat, dumb and happy.


Bomber

Quoted: Uh yeah, do you deny that the concept of peak oil even exsists? Because it does. It just a question of when we wil hit it. maybe it wont be for 100 years or even 500, but it does exsist. All non-renewable resources have a peak. Also this does'nt really help us in terms of the green house effect now does it? in a way it could make it worse as we put off looking for alternatives. Oh but i forgot you dont belive in that either. Do you even belive in evolution?

Now you've done it.


I think much of the ridicule for the "Peak_Oil" doomsayers, is NOT a rejection of the basic concept that a natural resource is finite, and obviously a "peak" will occur as it is extracted.

The scorn is for the completely illogical "sky is falling" hysteria and lack of interest in facts that many of the people have, who push a particular view.


Personally, I'm not concerned at all, since this is one of those few cases where "the market" truly will correct the problem.  As oil GRADUALLY becomes harder to extract, the price will rise.  As it very slowly does, other laternatives will become financially viable, when they were not before.  You see that very phenomenon happening right now with shale oil exploration and production.  

It is silly to demand development on non-viable power generation technologies out of an unfounded fear that the wrold will SUDDENLY run out.  People have been making these arguments for decades, and there's no real proof that there is any more urgency now than there was then.  

Notice, however, how all of the technologies are gradually getting in place for a launch, when oil prices get high enough.  Wind power, as an example, which has been available for decades, is finally starting to be integrated into power grids.  Once other energy becomes pricier, it will be worth building more off-shore wind farms - and on the plains - and further technological advance and econmies of scale will be realized.


The concept of Peak Oil is absolutely valid and logical, but the conclusions that a lot of people are drawing from it are often completely unreasonable.

Wind power, as an example, which has been available for decades, is finally starting to be integrated into power grids.

but...but won't harnessing all that energy from the wind affect weather patterns? Aren't you afraid that we will eventually run out of wind? What if it affects the earths rotation?


Just what I need, something else to worry about.


LOL

BOmber

Too bad there isn't a free market economy anywhere on the planet huh?

Maybe petroleum is renewable, but not on a timescale that we can utilize.It doesn't help much that there'll be oil 300 million years from now.

10 billion barrels is about 114 days worth at current consumption, assuming we can extract every last drop.

I'm also in the "peak oil is fact but nobody knows how close we are to it" camp.

Quoted: Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel? There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline.

The quantity of gasoline that can be refined from a barrel of oil varies with the type of oil, the refinery and the market.  Believe it or not, some refineries can get 44 gallons of refined product from each 42 gallon barrel.  How?  Catalytic cracking, hydrocracking, reforumlation and hydrogenation.  Everything is used, each product has a market.  A refinery can also turn diesel into gasoline.

The COST to do this and the return on investment decides how much of all products is made.

Quoted: Quoted: An NFA bbl?  WTF?  You can buy those at any gunshow around here or even have them shipped from Bushmaster or whoever.  People put them on pistols sometimes so they aren't necessarily for SBRs or machineguns. The threat about the teeth is funny htough.  Are you worried? ... I memorialized his thread in a monk-e-mail here: www.careerbuilder.com/monk-e-mail/?mid=5128231 ...

LMFAO!

Quoted: Quoted: Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel? There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline. The quantity of gasoline that can be refined from a barrel of oil varies with the type of oil, the refinery and the market.  Believe it or not, some refineries can get 44 gallons of refined product from each 42 gallon barrel.  How?  Catalytic cracking, hydrocracking, reforumlation and hydrogenation.  Everything is used, each product has a market.  A refinery can also turn diesel into gasoline. The COST to do this and the return on investment decides how much of all products is made.

Which is why I said ON AVERAGE.

Quoted: Oil is a renewable resource.

10 billion barrels is appx 125 days of world oil consumption.  so, this find has delayed the peak by about 4 months at best

Quoted: places like Saudi Arabia (whose known reserves are 120 times larger than this Mexican discovery).

@ that link

WASHINGTON, 29 April 2004 — Officials from Saudi Arabia’s oil industry and the international petroleum organizations shocked a gathering of foreign policy experts in Washington yesterday with an announcement that the Kingdom’s previous estimate of 261 billion barrels of recoverable petroleum has now more than tripled, to 1.2 trillion barrels.

yeah, and enron was a hugely profitible company with accountants as honest as mother teresa.

why did you even bother posting that year-old link?

Naimi said Saudi Arabia is committed to sustaining the average price of $25 per barrel set by the Organization of the Petroleum Exporting Countries. He said prices should never increase to more than $28 or drop under $22.

never above $28 huh?  suuureee

please understand why OPEC nations have a huge economic incentive to vastly inflate their reserves estimates: so their production quota is increased:

There are margins of uncertainty concerning the actual size of proven oil reserves.[2] Presumably for political reasons, some nations have not allowed audits of the size of their fields. This is especially true of Middle East members of OPEC, as well as nations that belonged to the USSR. OPEC limits the amount of oil output a member nation can produce to a portion of the remaining reserves, giving an incentive to manipulate the data. For example, in 1985 Kuwait increased the estimated size of their oil fields by 50%, which allowed them to increase their output. Other member nations quickly followed suit. The Saudi national oil company controls the largest amount of proven oil reserves in the world.

from wikipedia

Quoted: Quoted: Uh yeah, do you deny that the concept of peak oil even exsists? Because it does. It just a question of when we wil hit it. maybe it wont be for 100 years or even 500, but it does exsist. All non-renewable resources have a peak. Also this does'nt really help us in terms of the green house effect now does it? in a way it could make it worse as we put off looking for alternatives. Oh but i forgot you dont belive in that either. Do you even belive in evolution? Now you've done it. I think much of the ridicule for the "Peak_Oil" doomsayers, is NOT a rejection of the basic concept that a natural resource is finite, and obviously a "peak" will occur as it is extracted. The scorn is for the completely illogical "sky is falling" hysteria and lack of interest in facts that many of the people have, who push a particular view. Personally, I'm not concerned at all, since this is one of those few cases where "the market" truly will correct the problem.  As oil GRADUALLY becomes harder to extract, the price will rise.  As it very slowly does, other laternatives will become financially viable, when they were not before.  You see that very phenomenon happening right now with shale oil exploration and production.   It is silly to demand development on non-viable power generation technologies out of an unfounded fear that the wrold will SUDDENLY run out.  People have been making these arguments for decades, and there's no real proof that there is any more urgency now than there was then.   Notice, however, how all of the technologies are gradually getting in place for a launch, when oil prices get high enough. Wind power, as an example, which has been available for decades, is finally starting to be integrated into power grids.  Once other energy becomes pricier, it will be worth building more off-shore wind farms - and on the plains - and further technological advance and econmies of scale will be realized. The concept of Peak Oil is absolutely valid and logical, but the conclusions that a lot of people are drawing from it are often completely unreasonable.

I knew IT!! YOU DUTCH HAVE BEEN PLANNING THIS ALL ALONG! you and your insidious wind mills and wooden shoes!! You gonna make the oil market crash so you can cash in on the 'windmill peak' Then when synthetics from oil dissappear making the manufacture of rubber sneakers near impossable your gonna trot out your "green friendly" wood shoes!! selling them to us at a high margin. ive read that book 'the protocols of the elders of Den Hague!!" you cant fool me! not for a second! may Allah have mercy on your rotten crusader soul!!!!!!

Quoted: People always cite the fall in petroleum finds in the 90s as evidence that they have peaked, what they don't take into account was the 'dagerously low' price of oil in the mid and late 90s. Why would you invest in exploration when the market is already flooded? Guess what? Now that the price is high again oil companies are investing once again in exploration. Oh yeah, and lets not forget the fact that Exxon-Mobile now has patented the first economically viable oil shale extraction system and expects that to come online with a production cost in the $30-40 a barrel range. This isn't even thinking about some of the really cool stuff that could happen if things got worse, Coal Liquification for example would provide us with giant amount of petroleum and becomes viable if crude costs stay permanently above $45 a barrel. Hell, if we start throwing up new reactors or if there is a break through in fusion we can just electroysis(sp?) water and use the hydrogen combined with atmospheric carbon to produce all the synthetic hydrocarbons we want! God bless technology combined with the free market.

Great post. Where there is a will, there is a way.

Quoted: Quoted: Oil is a renewable resource. 10 billion barrels is appx 125 days of world oil consumption.  so, this find has delayed the peak by about 4 months at best

Well, then crap, let's just go kill ourselves now and get it over with!   What a bunch of BS.  Typical liberal response to every oil find.

Arguing about "Peak Oil" in the year 2006 is like arguing about "Peak Buggy Whips" in the year 1906.

Quoted: Quoted: Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel? There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline. I thought they were 55 gallon drums WTF ?

mexican gallons are different from other gallons.

Quoted: I knew IT!! YOU DUTCH HAVE BEEN PLANNING THIS ALL ALONG! you and you insidious will mills and wooden shoes!! You gonna make the oil market crash so you can cash in on the 'windmill peak' Then when synthetics from oil dissappear making the manufacture of rubber sneakers near impossable your gonna trot out your "green friendly" wood shoes!! selling them to us at a high margin. ive read that book 'the protocols of the elders of Den Hague!!" you cant fool me! not for a second! may Allah have mercy on your rotten crusader soul!!!!!!

Now that you're onto us, we'll have to take measures.  The last thing you hear will not be the sound of black helicopters, but the clip-clop of a wooden-shoes assasination squad of Dutch windmill commandoes!  

Interestingly, Denmark is actually one of the world leaders in wind power generation technology.  G.E. is starting to get into the wind turbine market, as are some others - but the Danes have a big piece of that niche market.

Quoted: Well, then crap, let's just go kill ourselves now and get it over with!   What a bunch of BS.  Typical liberal response to every oil find.

oh please.  i'm just pointing out that this find isn't all that super-huge in the grand scheme of things.  i'm certainly not saying that we shouldn't even try to find more reserves, i'm a geophysics major for godsakes and i'm the one who's going to be DOING the exploration in a few years.

Arguing about "Peak Oil" in the year 2006 is like arguing about "Peak Buggy Whips" in the year 1906.

even the USGS thinks that oil production will peak sometime around 2030-2060.  i tend to think that their earlier date is the most realistic best-case scenario.  their previous estimates about oil depletion have been HUGELY optimistic.

if you think that oil will soon be as irrelevant to our civilization as buggy whips were within a couple decades after 1906 then you need to seriously wake up.  take a quick look around.  the vast majority of the items you see were either produced or transported with petroleum, and in most cases both.

Quoted: Quoted: Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel? There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline. I thought they were 55 gallon drums WTF ?

Ah, that is from the fact wood barrels were initially used for oil transportation.  And since there was a lot of wood in these barrels, the barrels were sized so the average man could handle one, even full, by rolling it.  That is why barrels have that buldged shape, it allows for turning the barrel.

Drums, which come in 55 gallon size, were designed for mechanized handling and to provide a more efficient storage situation (and use less steel per gallon stored than 42 gallon).  

Quoted: I knew IT!! YOU DUTCH HAVE BEEN PLANNING THIS ALL ALONG! you and you insidious will mills and wooden shoes!! You gonna make the oil market crash so you can cash in on the 'windmill peak' Then when synthetics from oil dissappear making the manufacture of rubber sneakers near impossable your gonna trot out your "green friendly" wood shoes!! selling them to us at a high margin. ive read that book 'the protocols of the elders of Den Hague!!" you cant fool me! not for a second! may Allah have mercy on your rotten crusader soul!!!!!!

Quoted: Quoted: Quoted: Quoted: How much oil is in a barrel?  And how much refined product (gasoline) do you get out of a barrel? There are 42 gallons per barrel of oil. A barrel of oil will yield, on average, about 19.5 gallons of  87 octane gasoline. I thought they were 55 gallon drums WTF ? mexican gallons are different from other gallons.

Mexican gallons are measured in 32 oz glass mugs with ice dripping off and a side of chips and salsa.