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...