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How much is the price of oil, really?!

Posted by: Josie Glorioso
05/01/2017

Did you know you pay more for water than you do for oil? In fact, mineral water is six times more expensive than oil!

Oil prices are notoriously volatile – remember the financial crisis of 2008? During this year the price of oil hit a record peak at US$147 in July and just a few months later in December, dropped dramatically to US$30 a barrel. With oil prices fluctuating throughout 2016, you may be forgiven for thinking oil is exorbitantly expensive, however when we compared the current price of oil to some everyday consumer items, you’ll be surprised the value for money that a barrel of oil offers.

There are some astonishing differences and among the 10 items we looked at in the image below; a barrel of oil came out considerably cheaper. 

As shown above an everyday consumer item such as milk is triple the price of oil. However, interestingly in the UK the price of petrol would set you back £1.15 for a litre*, almost double the cost of milk, which is priced at around 60 pence per litre! Typically in the United States, the average consumption of oil is approximately 2.5 gallons per day, per person amounting to around one barrel every 17 days or 22 barrels a year** 

Oil is used in many things and without it, modern living would be very difficult indeed! Here are some fun facts about the uses of oil and how it makes Christmas possible.

*Price correct at the time of writing
**Reference: http://oilprice.com/

 
Recent Comments
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Graeme, 02 February 2017
definy a very interesting point of view.
Damir Prieto, 14 March 2017
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