Value of down vs oil
I saw where someone calculated oil vs gold
I added both vs water
Let's get down to it…
The dimensions of a standard 55 gallon drum are 33.5 inches high and 22.5 inches in diameter.
Calculation:
3.14 * 11.25^2 * 33.5. = 13,313 cubic inches / 1,728 = 7.7 cubic feet.
The Specific Gravity of Gold is 19.3. So 19.3 grams occupy 1 cubic centimeter.
1 Troy ounce is 31.1 grams. To get the volume of 1 Troy oz., 31.1 / 19.3 = 1.61 cubic centimeters.
1 cubic foot = 28,316 cubic centimeters
The drum or 7.7 cubic feet = 218,039.7 cubic centimeters
218,039.7 / 1.61 = 135,428.39 troy ounces x $1,100.00 = $148,971,229
Price of barrel of oil approximately $75
$148,971,229 / $75 = 1,986,283 barrels of oil.
IMO, seems like gold is really high compared to what you could do with the energy of almost 2 million barrels of oil.
Water…
My local water cost is $1.24 per 100 cubic feet
or .0124 per cubic foot
7.7 x .0124 = .09548 (about 10 cents per barrel of water) Good deal!
A barrel of gold for water = how many barrels?
$ value of barrel of gold / .09548 = 1,560,235,566 barrels of water
What's wrong with this picture?
Gold is only very valuable because we perceive it to be so.
A barrel of gold can get you about 2 million barrels of oil.
A barrel of gold can get you about 1 1/2 billion barrels of water.
Interesting how life depends on water, but the other two.
Now someone else can figure out how many barrels of DOWN we can get for a barrel of gold. Thanks in advance.