Oil prices increase slightly

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HOUSTON- There’s finally, some good news for the oil and gas industry.

The price of oil has shot back up to more than $30 a barrel, closing today at $32.19.

This means a gallon of oil is now over 70 cents a gallon. That’s big news for many industries since gasoline, diesel and jet fuel aren’t the only things made with crude oil.

There are 42 gallons of oil in a barrel. 19% is used to make gas and fuel just mentioned, but did you know 22% is used to make… well, pretty much everything.

The pens you write with, and the ink in them, are made from crude. So are crayons, deodorant, detergent, heart valves and bubble gum.

Folks up north are burning lots of heating oil to stay warm this winter. Yep, heating oil is made from crude. So are the asphalt streets you drive on, the tires on your car and the lubricants that keep your car running. The synthetic fibers in your clothes and the fertilizer used on your lawn are also made with crude oil. Almost everything is by-product of crude oil.

Oil “greases the wheels” of many industries which is why the world pays such close attention its price.