Petroleum Products Yielded from One Barrel of Crude Oil in California... What's In A Barrel of Oil? Crude oil decreased in price to close Friday at $131.70 a barrel; Source: New York Mercantile Exchange, even though it was rare good news. Crude was $66 a barrel in May 2007. Even worse, jet fuel, (after refining), is $173 a barrel, $42 more than the cost of crude, $83 more than a year ago. Source: Air Transport Association.