SIC 2999 Products of Petroleum and Coal, Not Elsewhere Classified

Contenidos

• NAICS CODE(S).
• Petroleum Coke.
• Petroleum Waxes.
• FURTHER READING.

SIC 2999

This category includes establishments primarily engaged in manufacturing packaged fuel, powdered fuel, and other products of petroleum and coal not elsewhere classified. Products in this industry include calcined petroleum coke, regular petroleum coke, fireplace logs, fuel briquettes, or petroleum waxes, independently of petroleum refineries.

NAICS CODE(S)

324199

All Other Petroleum and Coal Products Manufacturing

Plummeting crude oil prices in the late 1990s adversely affected this industry, which relies on oil as the source for petroleum production. On September 29, 1998, crude oil futures closed on the New York Mercantile Exchange at $15.98 per barrel, as compared to one year earlier, when they closed at $21.18 per barrel. The price had bottomed out in late 1997, falling to $11.58 per barrel. Whereas these low oil prices translated into cheap gasoline for consumers, it spelled trouble for this industry. Several events in the early 2000s, including the September 11, 2001, terrorist attacks, had an effect on crude oil prices, which fluctuated dramatically during this time period. Following consecutive years of costly hurricanes in 2004 and 2005, as well as continued conflict in the Middle East, an increasingly unpopular war in Iraq, and international criticism of U.S. foreign policy, crude oil prices reached the previously unimaginable level of $70 a barrel.

This small composite industry shipped $2.81 billion worth of products in 2005, a substantial increase over 2002 shipments of $1.91 billion, according to the U.S. Census Bureau. Exports account for nearly one-third of the industry's output. In 2004 approximately 86 establishments employing a total of 2,655 workers who earned a total payroll of $133 million comprised the miscellaneous petroleum and coal products industry. Of that total, 1,983 employees were engaged in production and earned $94 million in pay. More than a third of the nation's production was concentrated in the states of Pennsylvania, Texas, and California.

Raw materials for companies grouped in this area are procured from petroleum refineries or coal processors, and the goods produced are shipped either to distributors for the retail market or to other manufacturers. Solid packaged fuels, including fireplace logs and fuel briquettes produced by companies, are sold for general consumer use.

Petroleum waxes and coke are often...