A cylindrical oil tank 8 ft deep holds 350 gallons when filled to capacity. How many gallons remain in the tank when the depth of oil is 5 1/2ft?

The capacity of the tank is 350 gallons, and the depth is 8 ft.

To find the capacity of the tank when the depth is 5 1/2 ft, we can use a proportion.
Let x be the capacity of the tank when the depth is 5 1/2 ft.
Thus, proportionally, we have:
8/350. = 5.5/x
Cross-multiplying, we get:
8x = 1925
Dividing both sides by 8, we get:
x = 240.625 gallons.
Therefore, when the depth of oil is 5 1/2 ft, there are approximately 240.625 gallons remaining in the tank. Answer: \boxed{240}.