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We are always hearing about the price of a barrel of Oil How much oil is in a barrel? According to the google, "The 42-gallon oil barrel was officially adopted in 1866. Today, a barrel's refined products include about 20 gallons of gasoline, 12 gallons of diesel and 4 gallons of jet fuel and other products like liquefied petroleum gases and asphalt."
Price of Gasoline?
Since a barrel of oil produces 20 gallons of gas, that means each dollar a barrel of oil costs affects gasoline prices by nearly 1/20 of the oil price rise.
Gas Stations buying gasoline
Gas stations often buy 20,000 gallons of gas at a time. When the price of oil goes up $20 a barrel, that means each gallon of gas will cost almost $1.00 more. Just to replace inventory, gas stations have to raise prices early, so they can afford the extra $20,000.00 the next load of gas will cost.
What causes Oil prices to Rise?
Lots of things, tensions in the Middle East, Tankers being taken offline by pirates, OPEC just agreeing to a rise in prices, Countries dumping oil on the market to affect competition, refineries being taken offline for maintenance, and bad things like flying drones into a refinery.
It is sad that gas has been going up and up in 2022. It seems the new administration's attempts to stop the usage of fossil fuels is going to make gasoline and natural gas more and more costly. Please adjust your budget.
When something bad happens, buy gas immediately to beat the price increase!!