Tools commonly used in the Oils-Petroleum (Wholesale) industry for day-to-day tasks and operations.

• Oil tankers
• Pipeline systems
• Oil storage tanks
• Oil pumps
• Oil meters
• Oil filters
• Oil separators
• Oil spill containment equipment
• Oil analysis equipment
• Oil sampling equipment

Common products and services typical of NAICS Code 424720-18, illustrating the main business activities and contributions to the market.

• Crude oil
• Gasoline additives
• Diesel fuel
• Heating oil
• Jet fuel
• Kerosene
• Lubricating oil
• Motor oil
• Propane
• Residual fuel oil

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Hazardous Materials Endorsement (HME): This endorsement is required for drivers who transport hazardous materials. The endorsement is issued by the Transportation Security Administration (TSA) and requires a background check and fingerprinting.
• Petroleum Equipment Institute (PEI) Certification: This certification is for individuals who install, service, and maintain petroleum equipment. The certification is issued by the Petroleum Equipment Institute.
• Occupational Safety and Health Administration (OSHA) 10-Hour General Industry Certification: This certification is for workers in the petroleum industry and covers general safety and health hazards. The certification is issued by OSHA.
• National Institute for Storage Tank Management (NISTM) Certification: This certification is for individuals who work with aboveground storage tanks and underground storage tanks. The certification is issued by the National Institute for Storage Tank Management.
• Environmental Protection Agency (EPA) Spill Prevention, Control, and Countermeasure (SPCC) Plan Certification: This certification is for facilities that store, handle, or transport petroleum products and requires a plan to prevent and respond to oil spills. The certification is issued by the Environmental Protection Agency.

A concise historical narrative of NAICS Code 424720-18 covering global milestones and recent developments within the United States.

• The Oils-Petroleum (Wholesale) industry has a long and rich history dating back to the 19th century when the first oil wells were drilled in Pennsylvania. The industry grew rapidly in the early 20th century with the advent of the automobile and the need for gasoline. The industry continued to expand throughout the 20th century, with the development of new technologies and the discovery of new oil reserves. In recent years, the industry has faced challenges due to increased competition from alternative energy sources and concerns over the environmental impact of fossil fuels. In the United States, the industry has been impacted by fluctuations in oil prices, changes in government regulations, and the increasing demand for renewable energy sources. Despite these challenges, the Oils-Petroleum (Wholesale) industry remains a vital part of the global economy, providing the fuel that powers transportation and industry around the world.

The anticipated future trajectory of the NAICS 424720-18 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Oils-Petroleum (Wholesale) industry in the USA is positive, with a projected growth rate of 2.5% over the next five years. The industry is expected to benefit from the increasing demand for petroleum products from various sectors such as transportation, manufacturing, and construction. The growth in the US economy and the increasing global demand for petroleum products are also expected to drive the growth of the industry. However, the industry is also facing challenges such as the increasing competition from alternative energy sources and the volatility of oil prices in the global market. To remain competitive, companies in the industry are expected to invest in new technologies and innovations to improve their efficiency and reduce their costs.

Recent groundbreaking advancements and milestones in the Oils-Petroleum (Wholesale) industry, reflecting notable innovations that have reshaped its landscape.

• The use of blockchain technology to improve the transparency and efficiency of the supply chain in the Oils-Petroleum (Wholesale) industry.
• The development of new biofuels and renewable energy sources to reduce the industry's reliance on traditional petroleum products.
• The adoption of new technologies such as artificial intelligence and machine learning to optimize the production and distribution of petroleum products.
• The implementation of new safety measures and protocols to prevent accidents and improve the overall safety of the industry.
• The development of new packaging and transportation methods to reduce the environmental impact of the industry.