The period of time designated by a pipeline company for petroleum products to move from one destination to another to be available at the destination.
A vehicle designed without motive power, to be drawn by another vehicle.
Buyers and sellers of large quantities of petroleum products. They use the spot markets as a basis for their deals. Traders differ from brokers in that they actually take title to the product.
A tax calculated by measuring the weight of each truck for each trip. The gross weight is assigned a tax rate which is multiplied by the miles of travel.
The movement of one ton of freight a distance of one mile. Ton-miles are computed by dividing the weight in tons of each shipment transported by the distance hauled.
The unit of measurement for crude or products outside of the United States. On average, there are seven barrels of crude per metric ton.
Colorless liquid of the aromatic group of petroleum hydrocarbons, made by the catalytic reforming of petroleum naphthas containing methyl cyclohexane. A high-octane gasoline-blending agent, solvent, and chemical intermediate, base for TNT.
The part of an options premium which reflects the excess over the intrinsic value, or which may reflect the entire premium if there is no intrinsic value. A call option for 60cts/gal oil in a 58cts/gal market that is trading at a premium of 2cts/gal would represent a case where the entire premium is attributable to time value. Time value generally declines as an options contract nears expiration; it can represent the lion’s share of the premium at great distances from expiration.
Any tax on road users other than registration fees or fuel taxes (e.g. Ton-mile tax).
A refining process in which heat and pressure are used to break down, rearrange or combine hydrocarbon molecules. Thermal cracking includes visbreaking, fluid coking, delayed coking and other thermal cracking processes.