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Using a dipstick to measure the amount of fuel remaining in a tank The lower end of an oil dipstick with markings for minimum and maximum oil levels. Dipsticks can also be used to measure the quantity of liquid in an otherwise inaccessible space, by inserting and removing the stick and then checking the extent of it covered by the liquid.
The book Introduction to Architectural Science states about liquid fuel storage tanks, "often in a housing development a central storage tank is installed (usually underground) which will be filled by an oil company", and that a supply of liquid fuel is piped to individual apartments or houses from the central storage tank. [2]
An oil terminal (also called a tank farm, tankfarm, oil installation or oil depot) is an industrial facility for the storage of oil, petroleum and petrochemical products, and from which these products are transported to end users or other storage facilities. [1]
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The Oil Storage Regulations (2001) apply to oil tanks used for commercial and industrial purposes, or domestic tanks over 3500 litres in capacity. They state that the storage tank should be of "sufficient strength and structural integrity to ensure that it is unlikely to burst or leak in its ordinary use". [12]
The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]