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

• Tank trucks
• Fuel pumps
• Fuel storage tanks
• Fuel meters
• Fuel hoses
• Fuel filters
• Fuel nozzles
• Fuel dispensers
• Fuel additives
• Fuel stabilizers

Common products and services typical of NAICS Code 424720-20, illustrating the main business activities and contributions to the market.

• Gasoline distributors
• Diesel fuel distributors
• Heating oil distributors
• Asphalt distributors
• Lubricating oil distributors
• Petroleum jelly distributors
• Petroleum wax distributors
• Petroleum coke distributors
• Petroleum solvent distributors
• Petroleum resin distributors

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. 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 required for facilities that store, handle, or transport petroleum products. The certification is issued by the Environmental Protection Agency.

A concise historical narrative of NAICS Code 424720-20 covering global milestones and recent developments within the United States.

• The "Petroleum Products (Wholesale)" industry has a long and complex history worldwide. The first oil well was drilled in Pennsylvania in 1859, and by the early 20th century, the United States had become the world's leading oil producer. The industry grew rapidly during World War II, as the demand for petroleum products skyrocketed. In the post-war period, the industry continued to expand, with the development of new technologies such as hydraulic fracturing and horizontal drilling. In recent years, the industry has faced challenges such as declining oil prices, increased competition from renewable energy sources, and concerns about the environmental impact of fossil fuels. In the United States, the "Petroleum Products (Wholesale)" industry has a more recent history. The industry began to take shape in the early 20th century, as the demand for gasoline and other petroleum products grew rapidly. During World War II, the industry played a crucial role in supplying fuel to the military. In the post-war period, the industry continued to expand, with the development of new technologies such as the catalytic converter and unleaded gasoline. In recent years, the industry has faced challenges such as declining demand for gasoline, increased competition from renewable energy sources, and concerns about the environmental impact of fossil fuels.

The anticipated future trajectory of the NAICS 424720-20 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 Petroleum Products (Wholesale) industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for petroleum products in various sectors such as transportation, construction, and manufacturing. The growth of the US economy and the increasing population are also expected to contribute to the growth of the industry. However, the industry is also facing challenges such as the increasing competition from alternative energy sources and the growing concern over the environmental impact of petroleum products. To remain competitive, companies in the industry are expected to invest in research and development to improve the efficiency and sustainability of their products and operations.

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

• Digitalization Of Supply Chain: The industry is adopting digital technologies to improve the efficiency of the supply chain. Companies are using advanced analytics, automation, and artificial intelligence to optimize the logistics and distribution of petroleum products. This has resulted in faster delivery times, reduced costs, and improved customer satisfaction.
• Renewable Fuels: The industry is exploring the production and distribution of renewable fuels such as biofuels and hydrogen. This is in response to the growing demand for sustainable energy sources and the increasing concern over the environmental impact of petroleum products. Companies are investing in research and development to improve the efficiency and scalability of renewable fuels.
• Electric Vehicles: The increasing adoption of electric vehicles is expected to have a significant impact on the demand for petroleum products. The industry is responding by investing in the development of charging infrastructure and exploring new business models such as battery swapping and leasing. Companies are also exploring the production and distribution of electricity as a fuel source.
• Safety and Environmental Standards: The industry is adopting stricter safety and environmental standards to reduce the risk of accidents and minimize the impact of petroleum products on the environment. Companies are investing in technologies such as spill prevention and response systems, leak detection systems, and emissions control systems to improve their environmental performance.
• Diversification Of Product Portfolio: The industry is diversifying its product portfolio to reduce its dependence on traditional petroleum products. Companies are exploring new products such as lubricants, chemicals, and plastics to expand their revenue streams and reduce their exposure to market fluctuations. This has resulted in increased innovation and collaboration across different sectors of the industry.