What is barrel of crude oil?

One barrel of crude oil is the measurement unit for the stuff that comes out of the well. One barrel is 42 US gallons or 158.9 litres. How much does oil cost at the well head?

The cost of sucking oil out of the earth, however, varies depending on the location of the oil well, but in West Asia, it costs $15-20 per barrel. What about refining costs? As a percentage of the price the oil marketing companies pay, the number has come down.

This currently averages around $5 per barrel globally though it is difficult to approximate numbers since refineries offset costs through sales of 'associate' petroleum products. However, for complex crudes obtained through tar sands, refining costs could top $15 per barrel. And the final price?

Here is the fun part, the central and state governments make more money from the sale of petroleum products every time the price of India's crude basket rises. For example, in Delhi, the government takes over 50 per cent of the price you pay in taxes-23 for every ... more.

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