New Biz Hosts Online Market for Used Oil
A new company recently launched an online marketplace for the sale and purchase of used cooking and motor oil, a new method of delivery for a commodity that's in high demand.
Cooking oil can be used to do anything from power vehicles to act as a base for bioplastics, but finding a mass quantity of the lubed-up gold can be a tricky obstacle – one that has led to cooking oil being stolen from restaurants across the country.
Florida-based StayGreen Oil, launched act as a liaison between buyer and seller, allows sellers to post their stock of oil on the site and buyers can browse supplies while looking for the best price.
“There currently exists a growing global demand for re-refined basestocks derived from used engine oils and an increased call for used cooking oils required for biodiesel production,” said co-founder Michael Griffith in a press release. “StayGreen Oil is the only system of its kind and will revolutionize the way the market interacts to fill these needs.”
The company contends that oil doesn’t wear out, but rather just gets dirty and can be cleaned and reused again.
Oil can be sold on the site in an Ebay-style auction system, or users can send each other private requests for proposal. There’s no cost to sign up, but StayGreen Oil collects a fee from each transaction.