Oil was quoted at US$40.77 this morning and still appears to be rising. (Aust$1.00 = US$69.94)
What is a barrel of oil?
Oil is sold between countries in quantities called barrels. (The same measurement is used to sell whisky.)
One barrel of oil is the same as:
159 litres (about 80 large fizzy drink bottle)
35 gallons (enough to fit in the petrol tanks of about 4 cars)
280 pints (a lot of bottles of milk)
The weight of a barrel depends on where the oil comes from. However, there are about 8 barrels in a tonne.
You could fit nearly 2 million barrels of oil into a football stadium - or one and a half tankers. This is how much oil the UK uses every day.
So, in relative terms, one liter of crude oil costs Aus$0.366 cents at todays price of US$40.77 and Australian dollar exchange rate of US$69.94.
In fairness, much of the pump price of fuel consists of taxes - excise and State tax. If you followed the recent Budget you will realise the taxes on aviation fuel funds the Civil Aviation Safety Authority.
Woomera