From oilprice.com: How Many Barrels Of Oil Are Needed To Mine One Bitcoin?
The Bitcoin mining industry consumes 22.5 TWh of energy annually, which amounts to 13,239,916 barrels of oil equivalent. With 12.5 bitcoins being mined every 10 minutes, that means the average energy cost of one bitcoin would equate to 20 barrels of oil equivalent.
Steven A. Guccione 
Each bitcoin is worth $7,000. That’s $350 for a barrel of oil. Oil is about $50 a barrel. So right now that’s a good deal.
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Sorry for the slow reply. I am not sure how this is calculated. Of course, bitcoin miners have to buy hardware and there are people to pay. As far as the oil side of the equation, I don’t know if this counts the cost to refine, transport, market, etc the oil up to the point that it is turned into electricity. Lots of losses in the system from oil rig to electric outlet ….
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