Assume that it is July 8, 2022. You work for an oil refining plant and know that you will need to purchase 500,000 barrels of oil for delivery in August 2022. You decide to hedge your position and take a long position in the September 2022 oil futures contract, on July 8, 2022. You plan to close out your position on August 18, 2022. What is the contract size of one futures contract (in barrels per contract)? How many barrels of oil are you trying to hedge? How many futures contracts do you need to purchase to hedge your position?