Calculation formula: 1 ton is about 7 barrels, 1 00000 tons is 70 million tons, now it is1barrel 80 dollars, then 70 million times 80 dollars is 5.6 billion dollars.

(1 If the oil quality is light (thin), 1 ton is about 7.2 barrels or 7.3 barrels)

The price of American oil, like ordinary commodities, is determined by market exchanges, namely new york Stock Exchange and Chicago Mercantile Exchange. There, buyers and sellers trade oil through securities contracts. Starting from 1983, the standard transaction price in the US market is not the internationally accepted Brent crude oil price in the British North Sea, but the West Texas Intermediate crude oil price for delivery in Cushing, Oklahoma, also known as WTI crude oil price. Although West Texas Intermediate crude oil has lower sulfur content, higher hydrocarbon composition and better quality than Brent crude oil. However, due to the increase in shale oil production in the United States, WTI oil prices are generally slightly lower than Brent oil prices. However, the trend of WTI oil price and Brent oil price is almost synchronous, and there will be great fluctuations in the same period, which brings many risks and opportunities to businesses engaged in crude oil trading.

Since 2003, a large number of speculators have entered the American Commodity Exchange to buy and sell oil. Crude oil trading can basically be divided into two categories: one is hedgers, who sell or buy future crude oil to eliminate the influence of uncertain price changes; The other is a speculator, a speculator of crude oil trading. They are not producers or users of crude oil commodities, but only aim at profiting from changes in oil prices. Because oil is the most volatile commodity among all commodities, crude oil speculators have become the main traders in American exchanges, and their trading determines the rise and fall of American oil prices. But most traders are rational traders, and generally judge their trading behavior according to three basic aspects: the supply of existing crude oil, the supply of future oil and the demand for oil in the United States.

Crude oil cannot be consumed until it is refined into refined oil. It will be transported from the oil field to the refinery in the middle. All storage, transportation and refining are limited and restricted by actual conditions. For American oil refining and processing enterprises, the existing crude oil supply can come from the United States or be imported from abroad, and domestic production and import compete with each other. Therefore, the Organization of Petroleum Exporting Countries, which controls 40% of the global crude oil supply, naturally has a great influence on the existing crude oil supply, and the increase or decrease of their output directly reflects the change of WTI oil price. Output and price follow the principle of market economy in the United States. An increase in output will lead to a decrease in price, and a decrease in output will lead to an increase in price.