Code of Federal Regulations Title 26. Internal Revenue § 26.301.9001–2 Definitions

(a) “Barrel” means 42 United States gallons at 60 degrees Fahrenheit.

(b) “Oil” means petroleum, including crude oil or any fraction or residue therefrom, and natural gas condensate, except that the term does not include natural gas.

(c) “Person” means an individual, firm, corporation, association, partnership, consortium, joint venture, or governmental entity.

(d) “Outer Continental Shelf” means all submerged lands lying seaward and outside of the area of lands beneath navigable waters as defined in section 1301 of title 43 and of which the subsoil and seabed appertain to the United States and are subject to its jurisdiction and control.