Does oil come in barrels?
One of the interesting thing you find about Bruneians is that a lot of us don't know much about oil which is the lifeline of this country. Practically everything we touch in Brunei owes its existence to oil. And yet there is so much about the oil industry that we don't know. All we know now is that the world oil price is about US$70 per barrel. And yet ask this question - how do we export oil? It's priced in barrels. So, do we still use barrels to store oil and export it? It is true that previously oil is stored in classic wooden barrels. In America, back in 1859, customers paid by the barrel, but there was no standard size. Different oil buyers would get different amounts when they filled up from the stock tank at the well. The barrel most commonly used for oil was 40 gallons, the same size as a whiskey barrel. As production increased, a standardized oil barrel became more important, both for businessmen and for government tax collectors. Some wells were putting out more t...