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Oil is Dirt Cheap… Literally [Chart]

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Oil is Dirt Cheap... Literally [Chart]

Oil is Dirt Cheap… Literally [Chart]

A barrel of oil is the same price as a barrel of “Scott’s Turf Builder”

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

In theory, a barrel of crude oil seems quite valuable.

It’s well-known, for example, that from one barrel of oil, a refinery can make 19 gallons of gasoline, 12 gallons of diesel, and four gallons of jet fuel.

That’s the equivalent of six billion joules of energy, or enough to power the average U.S. household for 1.8 months.

A Dirt Cheap Experiment

However, sometimes the laws of supply and demand work in mysterious ways. While it seems like oil has good intrinsic value, the glut of supply available to the market is so great that “black gold” has become very cheap.

Some would even say “dirt cheap”.

As a part of our landmark investigation, we went all the way to the Home Depot’s website to verify if this were actually true. The results were astonishing, and this information will definitely be helpful the next time I need to do some gardening.

PriceBags NeededCost per barrel
Loose bulk top soil$204.000.04$8.48
Miracle Gro$7.972.81$22.38
Scotts Turf Builder$6.973.74$26.09
Crude Oil (WTI)$31.72
Proven Winners$10.993.74$41.13

We started by going for the bulk stuff.

For only $135, it’s possible to buy 5 cubic yards of loose bulk top soil. That’s enough for 24 barrels worth, which seemed like a steal. The only downside was that it cost an extra $69 to schedule a dump truck to come by our house, which made it likely overkill for this experiment.

Next, we checked out a bag of Miracle Gro. It’s got the brand name reputation, and this particular bag had a user rating of four stars. At $7.97 for a two cubic feet, we’d just need just less than three bags to fill up a barrel. That works out to $22.38 a barrel. Not bad.

However, if we’re going to be serious about our dirt, we’re going to need something that promotes a strong root system and creates a prime seed-growing environment. We took a peek at Scotts Turf Builder, which is only $6.97 per bag. However, with only 1.5 cubic feet per bag, it’s going to take up over 3.7 to fill up our barrel, bringing our total cost to $26.09.

We’re now within $1.50 of oil’s 52-week low of $27.56.

The Winner

As we continued to shop online for dirt, a five-star gem caught our eye. The brand name was Proven Winners. How could we go wrong with that?

We took a look at the user reviews to be sure.

“I have a high-quality soil-test kit and tested this soil. It is very high in nitrogen, potassium, and phosphorus, so though it will be excellent for plants it is NOT a soil for starting seeds or potting up seedlings,” wrote a previous buyer.

Noted. We will not use it for starting seeds or potting up seedlings. We checked out the price, and for $10.99 per bag containing 1.5 cubic feet, we had our winner. It takes 3.7 of these to fill up our barrel, bringing our cost per barrel of this particularly good dirt to $41.13.

Unfortunately that’s about $10 more than a barrel of oil, but I guess we’ll hedge our bets.

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Uranium

Charted: Global Uranium Reserves, by Country

We visualize the distribution of the world’s uranium reserves by country, with 3 countries accounting for more than half of total reserves.

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A cropped chart visualizing the distribution of the global uranium reserves, by country.

Charted: Global Uranium Reserves, by Country

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

There can be a tendency to believe that uranium deposits are scarce from the critical role it plays in generating nuclear energy, along with all the costs and consequences related to the field.

But uranium is actually fairly plentiful: it’s more abundant than gold and silver, for example, and about as present as tin in the Earth’s crust.

We visualize the distribution of the world’s uranium resources by country, as of 2021. Figures come from the World Nuclear Association, last updated on August 2023.

Ranked: Uranium Reserves By Country (2021)

Australia, Kazakhstan, and Canada have the largest shares of available uranium resources—accounting for more than 50% of total global reserves.

But within these three, Australia is the clear standout, with more than 1.7 million tonnes of uranium discovered (28% of the world’s reserves) currently. Its Olympic Dam mine, located about 600 kilometers north of Adelaide, is the the largest single deposit of uranium in the world—and also, interestingly, the fourth largest copper deposit.

Despite this, Australia is only the fourth biggest uranium producer currently, and ranks fifth for all-time uranium production.

CountryShare of Global
Reserves
Uranium Reserves (Tonnes)
🇦🇺 Australia28%1.7M
🇰🇿 Kazakhstan13%815K
🇨🇦 Canada10%589K
🇷🇺 Russia8%481K
🇳🇦 Namibia8%470K
🇿🇦 South Africa5%321K
🇧🇷 Brazil5%311K
🇳🇪 Niger5%277K
🇨🇳 China4%224K
🇲🇳 Mongolia2%145K
🇺🇿 Uzbekistan2%131K
🇺🇦 Ukraine2%107K
🌍 Rest of World9%524K
Total100%6M

Figures are rounded.

Outside the top three, Russia and Namibia both have roughly the same amount of uranium reserves: about 8% each, which works out to roughly 470,000 tonnes.

South Africa, Brazil, and Niger all have 5% each of the world’s total deposits as well.

China completes the top 10, with a 3% share of uranium reserves, or about 224,000 tonnes.

A caveat to this is that current data is based on known uranium reserves that are capable of being mined economically. The total amount of the world’s uranium is not known exactly—and new deposits can be found all the time. In fact the world’s known uranium reserves increased by about 25% in the last decade alone, thanks to better technology that improves exploration efforts.

Meanwhile, not all uranium deposits are equal. For example, in the aforementioned Olympic Dam, uranium is recovered as a byproduct of copper mining occurring at the same site. In South Africa, it emerges as a byproduct during treatment of ores in the gold mining process. Orebodies with high concentrations of two substances can increase margins, as costs can be shared for two different products.

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