It is a 50 to 1 ratio. 128 oz's per gallon. 3oz divided into 128 = 43. not quite 50 but if you look at the mixing ratios on the oil container you'll see it's 50:1. My mix is 16 oz's to a 6 gallon tank. 6 gallons = 768 oz's divided by 16 oz's = 48 ( they call this 50:1 )

Don't know who devised the scheme. Maybe anything 40 to 50 = 50:1.

Hope this answers the question. Jim