Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

NAICS 2022 code 424720 — United States. An investor's primer.

1. Overview

This is the middle of the fuel supply chain: the wholesalers, distributors, and "jobbers" who buy refined petroleum products — gasoline, diesel, jet fuel, heating oil, lubricants, propane — from refiners and terminals and move them, largely by truck, to gas stations, airports, marinas, trucking fleets, factories, farms, and other businesses. Specifically, code 424720 covers the wholesalers who do this without operating their own large bulk liquid storage terminals; the terminal operators sit in a separate code (see Section 2). These are merchant wholesalers who normally take title to the product and trade for their own account; commission agents and brokers belong in NAICS 425120.[1][2]

Why an investor should care: this is a very large-dollar, very thin-margin, high-volume business. U.S. establishments in this line took in roughly $832.6 billion in receipts in 2022 on only about 34,000 employees — meaning the industry moves enormous dollar volumes of commodity fuel through a small workforce.[3] Owners do not make money on the price of fuel (that mostly passes straight through); they make it on a few cents of margin per gallon, on logistics, and on volume. That makes it a classic "picks-and-shovels" way to own energy demand without betting directly on the price of crude oil.

Ways in: on the public side, a handful of listed companies — one regular corporation and several master limited partnerships (MLPs) — give stock-market exposure, though most also touch adjacent businesses (Section 4). On the private side, the biggest players in the country are family-owned or privately held, and the "long tail" is thousands of small local distributors — making this a heavily private, roll-up-driven industry.

2. What it is and how it's structured

In scope (424720): merchant wholesale distribution of refined petroleum and petroleum products — gasoline, diesel and fuel oil, kerosene and jet fuel, lubricating oils and greases, and bottled/packaged liquefied petroleum gas (LPG, i.e. propane) — sold to businesses and resellers rather than through the wholesaler's own bulk terminal. Classic examples are fuel-oil dealers, gasoline jobbers, lubricating-oil distributors, and bottled-propane wholesalers.[1]

"Except bulk stations and terminals" is commonly misunderstood. It does not mean small transactions, no storage access, or no logistics. It means the classified establishment is not principally distributing from its own bulk-liquid storage facility. A 424720 wholesaler can buy terminal throughput, exchange barrels, arrange pipeline or marine movements, and sell full transport loads. Conversely, one integrated company may operate separately classified terminal, wholesale, trucking, and retail establishments. Because NAICS is establishment-based, consolidated company revenue cannot safely be treated as 424720 market share.[2]

What it explicitly excludes (and where those activities are coded instead):

• Petroleum bulk stations and terminals — NAICS 424710. Wholesalers who distribute out of their own large bulk liquid storage facilities. This is the sister code; the "except bulk stations and terminals" clause in 424720's title is exactly this carve-out.[4]
• Retail fuel dealers to households — NAICS 457210 (Fuel Dealers, in Retail Trade). Home delivery of heating oil, propane, and other fuels directly to residential customers is retail, not wholesale.[5]
• Gasoline stations / convenience stores — NAICS 457110 (retail).
• Petroleum refining — NAICS 324110; crude oil and gas extraction — NAICS 211; pipeline transportation — NAICS 486.

Ownership mix: highly fragmented and mostly private. Federal data count about 1,826 firms operating 2,466 establishments in 2022–2023.[3] The largest independent distributors in the country are privately or family-held (Mansfield Energy; Pilot Company, now owned by Berkshire Hathaway; Musket, part of the Love's family). A small number of publicly traded companies exist, but most of them are diversified across wholesale, terminals, and/or retail rather than being pure 424720 plays. The Energy Marketers of America's broader membership ecosystem comprises 48 state and regional associations and, according to the association, includes marketers that own approximately 60,000 retail stations, supply another 40,000 stations, and serve more than 5 million heating-fuel homes and businesses — demonstrating the continuing importance of privately owned regional marketers, though these are not 424720-specific counts.[6]

3. How big it is

Federal figures (our ground-truth Census and County Business Patterns data):

Two things jump out. First, receipts per employee are extraordinary — roughly $24 million of sales per worker — and payroll is about half a percent of receipts. That is the signature of a commodity pass-through business: the dollar figure is dominated by the wholesale cost of the fuel itself, not by value added by the distributor. Second, the average firm books hundreds of millions of dollars of receipts, yet keeps only cents per gallon (Section 5), so headline "revenue" tells you very little about profit.

Undercount / measurement caveat. Treat the $832.6 billion as one slice of U.S. fuel distribution, not the whole. This code deliberately excludes bulk terminals (424710) and retail fuel dealers to households (457210), and the large integrated players — Sunoco, Global Partners, Star Group, Pilot — spread their activity across those adjacent codes plus retail gas stations. A single company's fuel volume can therefore show up in several NAICS lines at once, and much of the industry's true footprint is booked outside 424720. At the same time, because receipts are mostly pass-through commodity cost, the revenue number overstates the industry's economic value-added. The honest read: 424720 is a real, roughly-$800-billion wholesale slice, but the "fuel distribution" business as a whole is larger and messier than any one code shows.

4. The investable universe

There is no pure-play "petroleum wholesaler" index, and the public names below all straddle wholesale, terminals, and/or retail. Still, several listed companies give the most direct exposure. Market caps are approximate and move with the market; treat them as scale indicators, not quotes.

Major private and other owners:

• Mansfield Energy — family-owned (Georgia), delivers 3+ billion gallons a year to more than 8,000 U.S. and Canadian customers and describes itself as running the largest independent fuel-distribution network in the country.[17]
• Pilot Company — Knoxville-based; owned by Berkshire Hathaway since 2024; a giant in fuel supply and truck stops, and an active acquirer of distributors (e.g., SC Fuels).[18]
• Musket Corporation — the fuel trading and supply arm of the Love's family of companies, supplying Love's 670+ travel-stop locations.[19]
• Petroleum Marketing Group — supplies more than 1,200 sites and delivers more than 1 billion gallons annually along the East Coast.[20]
• GROWMARK — a regional cooperative operator.
• The long tail — thousands of regional and local jobbers, many family-run, most below the 200-employee small-business threshold.[7]

If few or no "pure" public plays is the honest summary: WKC is the closest to a listed pure fuel-distributor, and SUN/GLP/CAPL/SGU are partnerships that combine distribution with terminals and retail. SunocoCorp provides a corporate wrapper around an economic interest in Sunoco, but it does not create a separate pure-play distribution business.

5. How the money works

The economics are about cents per gallon, volume, and working capital — not the price of oil.

• Margin, not price. A distributor buys fuel at the terminal "rack" price and resells it at rack-plus-a-spread. Industry rule-of-thumb distributor margins run only about 3–6 cents per gallon, though public-company results show variation by business model: Global Partners' wholesale segment earned ~5.5 cents per gallon on product margin, while CrossAmerica's wholesale operation averaged 9.1 cents per gallon. Fractions of a cent per gallon separate a profitable jobber from a losing one.[13][14][15][21] Fuel price itself is mostly a pass-through: when crude and wholesale prices fall, revenue falls too, but the per-gallon margin can be unchanged or even better.
• Contract structures. Distributors typically earn either a fixed fee per gallon (rack price, less commercial discounts, plus transportation and taxes, plus a set volume-based fee) or a variable cents-per-gallon margin. Sunoco, for instance, describes both models across its wholesale network.[10] Volume is therefore the primary driver of profit.
• What you're actually paid for. Because the fuel is a commodity, distributors earn their margin on logistics and service: reliable supply, truck fleets and delivery density, blending, credit and financing to customers, fuel-tax collection and remittance, branding, and add-on products (lubricants, diesel exhaust fluid (DEF), additives, HVAC service for heating-oil dealers). Ancillary income from freight, card processing, equipment, leases, lubricants, blending credits, and convenience operations can be materially more attractive than the base fuel spread.
• Working capital and cyclicality. Inventory is expensive and price-volatile; distributors finance large fuel inventories and customer receivables, so interest rates and price swings hit the balance sheet hard. A spike in wholesale prices can strain liquidity even when unit margins hold. Higher oil prices are not automatically beneficial: they inflate sales but also increase inventory, receivables, letters of credit, collateral, and customer borrowing requirements. Customers can exceed credit limits or fail, and supplier credit can tighten. Sunoco explicitly states that its working-capital needs fluctuate with crude-oil prices and that high wholesale prices can impair customer purchasing capacity and trade-credit availability.[11]
• Hedging and basis risk. Hedging reduces outright commodity exposure but leaves basis, timing, liquidity, and counterparty risk. Global Partners warns that basis exposure cannot be eliminated and that backwardation or other adverse market structures can hurt results.[14] Conversely, supply disruptions and regional dislocations can improve margins for firms with diversified supply, unused logistics capacity, or blending and storage optionality.
• Cash generation. The MLP structure (Sunoco, Global, CrossAmerica, Star) exists to pass steady distributable cash flow through to unitholders as quarterly distributions — the reason income investors follow these names.

The key operating metrics to watch, therefore, are gallons/volume sold, margin per gallon (or product margin), segment EBITDA, and distribution coverage — not oil price forecasts. The central profit measure is generally gross profit per gallon or per delivered unit, not reported revenue growth.

6. What drives demand

• Overall fuel consumption. In 2025, the United States consumed approximately 7.5 billion barrels of petroleum: motor gasoline represented about 43%, distillate 19%, hydrocarbon gas liquids 19%, jet fuel 8%, and other products 11%.[22] U.S. gasoline consumption averaged 8.9 million barrels per day in 2025, 1% below 2024 and 4% below 2019.[23] Volume is the lifeblood of the business.
• The secular headwind. Vehicle miles traveled increased 1.2% in 2025, but implied fleet fuel economy improved 1.9%; EIA expects continued efficiency gains and slower travel growth to reduce gasoline consumption further in 2026 and 2027.[23] Electric vehicles add a longer-term substitution risk. This is a long-run volume risk for the gasoline side of the business, though a slow-moving one.
• Diesel and freight. Diesel demand tracks the goods economy — trucking, rail, construction, agriculture — so it is cyclical and recession-sensitive. Transportation-sector distillate consumption, excluding biodiesel and renewable diesel, averaged approximately 2.94 million barrels per day in 2025 and represented about 75% of total U.S. distillate consumption.[24] Part of the recent distillate decline reflects renewable diesel substituting for petroleum diesel (up from ~110,000 to ~310,000 barrels/day between 2019 and 2024).[23]
• Aviation and marine. Jet fuel and bunker (ship) fuel volumes rise and fall with air travel and shipping activity — the swing factors behind World Kinect's aviation and marine segments.[9]
• Weather. Heating-oil and propane demand (Star Group's core) is seasonal and weather-driven; warm winters cut volumes.[16] Propane consumption reached 1.48 million barrels per day in January 2025, the highest January level since 2005, during the coldest U.S. January since 2014.[25]
• Prices and the spread. Distributor profit depends on the stability of the rack-to-street spread more than on the absolute price level.
• Renewable fuels. EPA's final Renewable Fuel Standard establishes total applicable volumes of 26.81 billion ethanol-equivalent RINs for 2026 and 27.02 billion for 2027, including biomass-based diesel requirements of 9.07 billion and 9.20 billion gallons, respectively.[26] Marketers with blending, renewable-fuel sourcing, and RIN-management capabilities can earn incremental margins; poor controls can create invalid-credit, quality, and compliance liabilities.

7. Regulation

Fuel wholesaling is lightly regulated on entry but heavily regulated on product, safety, tax, and environment:

• Fuel taxes. Distributors collect and remit large federal and state motor-fuel excise taxes, often across many states — a significant compliance and cash-flow function.[10]
• Renewable Fuel Standard (RFS). The EPA's RFS requires renewable fuel (ethanol, biodiesel, renewable diesel) to be blended into the fuel supply, tracked via Renewable Identification Numbers (RINs). The formal "obligated parties" are refiners and importers, but RIN economics and blending obligations ripple through the wholesale chain that handles the blended product.[27]
• Product specifications. Ultra-low-sulfur diesel (ULSD) and other fuel-quality standards govern what can be sold. EPA states that gasoline and diesel requirements — including sulfur, benzene, reformulated gasoline, and renewable-fuel provisions — apply to distributors and carriers as well as refiners, importers, and retailers.[28]
• Transportation and storage safety. Hauling fuel is regulated by the U.S. Department of Transportation and PHMSA (hazardous-materials rules, tanker specs, hazmat-endorsed CDL drivers). Driver shortages increase outsourced freight costs and can prevent service during winter, harvest, disaster, or supply-emergency peaks; hazardous-material and tank-vehicle endorsements limit the available driver pool and raise training and compliance requirements.[29] Fuel storage is governed by EPA and state underground-storage-tank (UST) rules — spill/overfill prevention, corrosion protection, secondary containment, inspections — and the party delivering fuel must confirm a tank is compliant. Facilities with more than 1,320 gallons of aggregate aboveground oil-storage capacity may be subject to Spill Prevention, Control, and Countermeasure (SPCC) requirements if a harmful discharge is reasonably possible.[30]
• Low-carbon fuel programs. California's Low Carbon Fuel Standard (LCFS), and similar programs in Oregon and Washington, assign carbon-intensity scores and require registration, quarterly reporting, and credit/deficit settlement — adding compliance cost and shaping the shift toward renewable fuels.[31]

8. Competitive dynamics and consolidation

By the numbers, this is a fragmented but steadily consolidating industry. The top four firms held about 33% of receipts in 2022, the top eight ~54%, the top twenty ~75%, with a Herfindahl-Hirschman Index (HHI) of only ~455 — well below the ~1,500 threshold antitrust regulators treat as "concentrated."[3] In plain terms: a few large distributors do a big share of the dollars, but there are still hundreds of independents and no dominant national monopoly.

The direction of travel is toward scale:

• Fewer, bigger branded distributors. Major oil companies have slashed their distributor rosters — ExxonMobil to roughly 50, Shell and Chevron to about 100 each, down from hundreds — favoring larger partners.[32]
• Active M&A / roll-ups. Recent deals include Sunoco's acquisition of Parkland (2025) and earlier NuStar; Global Partners buying Motiva liquid-energy terminals; Pilot acquiring SC Fuels; and Mansfield absorbing regional distributors.[12][13][18] Private equity and family firms are consolidating the long tail of local jobbers.
• Scale advantages — better supply contracts, logistics density, working-capital muscle, and tax/compliance systems — are what push the industry toward fewer, larger operators over time. (Forward-looking judgment: expect this consolidation to continue as fuel volumes plateau and cost pressure rewards scale.)

9. Risks

• Structurally thin margins. A few cents per gallon lost through procurement, freight, shrinkage, pricing delays, or bad debt can eliminate profit. Customer and supplier concentration, short contract duration, weak minimum-volume commitments, and dependence on a single terminal or refiner can make nominal scale misleading.[21]
• Secular volume decline. Rising vehicle efficiency and EV adoption slowly erode gasoline volumes — the core long-run threat to the gasoline side of the business.[23]
• Commodity-price and working-capital shock. Price spikes inflate inventory and receivable financing needs; higher interest rates raise the carrying cost of both. A rapid price increase can cause customer defaults and margin calls; a rapid decline can create inventory write-downs.[11]
• Hedging and basis risk. Hedging can fail through basis or timing mismatches. Product outages, refinery incidents, pipeline constraints, hurricanes, port disruptions, and geopolitical events can strand supply or sharply increase freight.[14]
• Cyclicality. Diesel, jet, and marine volumes swing with freight, travel, and the broader economy.
• Weather. Heating-oil/propane distributors are exposed to warm winters.[16]
• Environmental and tax liability. Spills, UST contamination, and multi-state fuel-tax compliance carry real financial and legal exposure. Historical leaks can create remediation obligations long after a site, tank, or customer account changes hands.[30][31]
• Labor risk. Qualified tank and hazardous-material drivers, dispatchers, mechanics, and credit personnel are in limited supply. Driver shortages can prevent service during peak periods and raise outsourced freight costs.[29]
• Energy transition. The shift to renewable diesel, sustainable aviation fuel (SAF), and electrification will reshape product mix; distributors that don't diversify risk stranded volumes. (Forward-looking.)
• MLP-specific: distributions are not guaranteed and can be cut; leverage and interest-rate sensitivity matter.

10. How to invest, and the outlook

Public-market routes:

• World Kinect (WKC) — the closest thing to a listed pure fuel distributor, and a regular C-corporation, so it trades and is taxed like an ordinary stock (no K-1).[8][9]
• The MLPs — Sunoco (SUN), Global Partners (GLP), CrossAmerica Partners (CAPL), Star Group (SGU) — bought for their cash distributions (income/yield) as much as for growth. Note the tax wrinkle: MLPs issue Schedule K-1 forms rather than 1099s, and holding them inside tax-advantaged retirement accounts can trigger unrelated business taxable income (UBTI). Reserve specific yields and valuation multiples for your own diligence — they move constantly.[10][13][15][16]
• Funds: there is no pure petroleum-wholesaler ETF, but diversified MLP/midstream ETFs (for example, the Alerian MLP ETF) hold Sunoco and Global Partners among their positions, offering indirect, K-1-free exposure.[33]

Private-market routes:

• Direct ownership or acquisition of regional jobbers and distribution assets — the dominant way capital actually enters this industry, given how private it is.
• Private-equity roll-up platforms consolidating local distributors.
• Indirect exposure through diversified owners such as Berkshire Hathaway (Pilot) or Love's (Musket).[18][19]

Private underwriting factors: verified gallons and gross profit by product and customer; margin stability through commodity cycles; contract duration and renewal history; supplier, terminal, and customer concentration; owned versus contracted transportation; driver retention; working-capital requirements under stressed fuel prices; environmental history; tax and RIN compliance; maintenance capital expenditure; and whether tanks, equipment, real estate, or site leases genuinely lock in customers. Inventory gains should be removed from normalized EBITDA.

Near-term drivers and outlook (forward-looking judgment): the base business is mature, cash-generative, and consolidating. Expect the winners to be scale players who add logistics density and diversify beyond gasoline — into diesel, aviation and marine fuel, lubricants, DEF, renewable fuels, and convenience retail — while gasoline volumes slowly plateau. The bull case is steady free cash flow, distribution growth, and accretive acquisitions in a fragmented field; the bear case is the long, grinding decline of gasoline demand and the margin/working-capital squeeze that comes with commodity-price and interest-rate volatility. This is best understood as an income-and-consolidation story, not a growth-commodity bet.

---

Sources

1. U.S. Census Bureau / NAICS Association, "NAICS Code 424720 — Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)," 2022. https://www.naics.com/naics-code-description/?code=424720
2. U.S. Census Bureau, 2022 NAICS definitions. https://www.census.gov/naics/?details=424&input=424&year=2022
3. U.S. Census Bureau, 2022 Economic Census (concentration and receipts) and County Business Patterns 2023 (establishments, employment, payroll), NAICS 424720. (Histometrics ingested federal statistics.) https://www.census.gov/programs-surveys/economic-census.html
4. U.S. Census Bureau / NAICSCode.com, "NAICS 424710 — Petroleum Bulk Stations and Terminals," 2022. https://naicscode.com/naics/?naics=424710
5. Ask Kodiak / U.S. Census Bureau, "NAICS 457210 — Fuel Dealers (Retail Trade)," 2022. https://naics.askkodiak.com/naics/2022/457210
6. Energy Marketers of America, "Who We Represent." https://www.energymarketersofamerica.org/about/who-we-represent/
7. U.S. Small Business Administration, "Table of Small Business Size Standards," 2023 (NAICS 424720 = 200 employees). https://www.sba.gov/document/support-table-size-standards
8. Macrotrends / StockAnalysis, "World Kinect (WKC) Revenue and Market Cap," 2025. https://stockanalysis.com/stocks/wkc/
9. World Kinect Corporation, "Fourth Quarter and Full Year 2024 Results," 2025 (revenue $42.2B; volume ~17.7B gallons; segment gross profit); World Kinect 2025 Form 10-K. https://ir.world-kinect.com/news-releases/news-release-details/world-kinect-corporation-reports-fourth-quarter-and-full-year-0/
10. Sunoco LP, "Fourth Quarter and Record Full Year 2024 Financial and Operating Results," 2025 (fuel-distribution segment 8,578M gallons; segment adjusted EBITDA $908M; business model). https://www.prnewswire.com/news-releases/sunoco-lp-reports-fourth-quarter-and-record-full-year-2024-financial-and-operating-results-302373387.html
11. Sunoco LP, 2025 Form 10-K. https://www.sec.gov/Archives/edgar/data/1552275/000155227526000021/sun-20251231.htm
12. Sunoco LP / Businesswire, "Sunoco Completes Acquisition of Parkland Corporation," 2025; StockAnalysis market cap. https://stockanalysis.com/stocks/sun/market-cap/
13. Global Partners LP, "Fourth-Quarter and Full-Year 2024 Financial Results," 2025 (~6.6B gallons; adjusted EBITDA $388.9M; net income $110.3M). https://ir.globalp.com/news/news-details/2025/Global-Partners-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/default.aspx
14. Global Partners LP, 2025 Form 10-K (wholesale segment: $12.659B sales, $321.7M product margin, 5.883B gallons). https://www.sec.gov/Archives/edgar/data/1323468/000110465926021381/glp-20251231x10k.htm
15. CrossAmerica Partners, 2025 Results (688.7M gallons, 9.1 cents/gallon margin, $100.5M wholesale gross profit). https://www.sec.gov/Archives/edgar/data/1538849/000119312526071725/capl-ex99_1.htm
16. Star Group, L.P., "Fiscal 2024 Fourth Quarter Results," 2024 (253.4M gallons heating oil/propane; 129.1M gallons motor fuel; ~$2.0B revenue; 416,000 customers). https://investors.stargrouplp.com/news-releases/news-release-details/star-group-lp-reports-fiscal-2024-fourth-quarter-results
17. Mansfield Energy Corp, "About / Supply," 2024 (3+ billion gallons annually; 8,000+ customers; DeliveryONE network). https://mansfield.energy/about/
18. CSP Daily News, "Pilot Co. Acquires SC Fuels," and Wikipedia, "Pilot Company" (Berkshire Hathaway ownership), 2024. https://en.wikipedia.org/wiki/Pilot_Company
19. Musket Corporation, "About Us" (Love's family of companies; fuel supply/trading), 2024. https://www.musketcorp.com/about-us
20. Petroleum Marketing Group, "Wholesale Fuel" (1,200+ sites, 1B+ gallons annually). https://petromg.com/offerings/wholesale-fuel/
21. Bell Performance, "Shrinking Fuel Distributor Margins" and NACS, "Who Makes Money Selling Gas?" (distributor margin ~3–6 cents/gallon), 2024. https://www.bellperformance.com/bell-performs-blog/shrinking-fuel-distributor-margins-a-problem-for-the-industry
22. U.S. Energy Information Administration, "Petroleum consumption FAQ" (2025 consumption breakdown). https://www.eia.gov/tools/faqs/faq.php?id=41&t=4
23. U.S. Energy Information Administration, "Increasing fuel efficiency leads to decreasing gasoline consumption," April 2026 (gasoline 8.9M bbl/d in 2025; renewable diesel growth). https://www.eia.gov/todayinenergy/detail.php?id=67426
24. U.S. Energy Information Administration, "Use of diesel" (transportation-sector distillate ~2.94M bbl/d, 75% of total). https://www.eia.gov/energyexplained/diesel-fuel/use-of-diesel.php
25. U.S. Energy Information Administration, "Propane consumption," March 2025 (1.48M bbl/d January 2025, highest since 2005). https://www.eia.gov/todayinenergy/detail.php?id=64904
26. U.S. Environmental Protection Agency, "Final Renewable Fuel Standards for 2026 and 2027" (26.81B/27.02B RINs; biomass diesel 9.07B/9.20B gallons). https://www.epa.gov/renewable-fuel-standard/final-renewable-fuel-standards-2026-and-2027
27. U.S. Environmental Protection Agency, "Overview of the Renewable Fuel Standard Program" (RINs, obligated parties), 2024. https://www.epa.gov/renewable-fuel-standard/overview-renewable-fuel-standard-program
28. U.S. Environmental Protection Agency, "Clean Air Act Fuels Settlement Information" (fuel-quality rules apply to distributors). https://www.epa.gov/enforcement/clean-air-act-fuels-settlement-information
29. Federal Motor Carrier Safety Administration, "Hazardous Materials General Information" (hazmat driver requirements). https://www.fmcsa.dot.gov/sites/fmcsa.dot.gov/files/2021-11/HazMat%20General%20Information_FINAL_508c.pdf
30. U.S. Environmental Protection Agency, "Does Spill Prevention, Control and Countermeasure Apply?" (SPCC 1,320-gallon threshold). https://www.epa.gov/oil-spills-prevention-and-preparedness-regulations/does-spill-prevention-control-and-countermeasure
31. California Air Resources Board, "Low Carbon Fuel Standard" and "Enforcement Advisory #170 — Underground Storage Tank Standards," 2024. https://ww2.arb.ca.gov/enforcement-advisory-170-california-motor-vehicle-fuel-deliveries-new-underground-storage-tank
32. JobbersWorld, "Will the Majors Get Back into the Distribution Business?" (distributor-count consolidation by Exxon, Shell, Chevron), 2024. https://jobbersworld.com/2024/08/30/will-the-majors-get-back-into-the-distribution-business/
33. StockTitan, "ALPS Advisors / Alerian MLP ETF reports ownership of Sunoco LP units," 2025. https://www.stocktitan.net/sec-filings/SUN/schedule-13g-a-sunoco-lp-amended-passive-investment-disclosure-416414e2c70e.html