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This Detroit Entrepreneur Is Tapping into This $47 Billion Market This Detroit Entrepreneur Is Tapping into This $47 Billion Market This serial entrepreneur just dived into the lucrative fuel industry by Jeffrey McKinney Posted: May 23, 2017 Moses Shepherd (Image courtesy of Moses Sheperd) After researching the nation’s oil and gas industry, Moses Shepherd unearthed some compelling information: There are a scant number of minority suppliers operating in the $47 billion market. Hoping to seize upon a vast opportunity to compete in a business without many such rivals, Shepherd started ACE Petroleum this month. The Detroit-based company will mainly provide gasoline, diesel, ethanol and bio-diesel fuel to businesses and government entities. Shepherd hopes to leverage his claim that ACE Petroleum is among just a few national oil suppliers that are certified as Minority Business Enterprises by the Michigan and National Minority Supplier Development councils, allowing him to fill a void in the industry. A longtime Detroit real estate entrepreneur and businessman, Shepherd is confident his company can benefit from a federal law that provides tax breaks for businesses that use minority companies in purchasing materials and supplies. He also is optimistic that it can prosper from another tax incentive that he says reduces tax liabilities for companies using minorities that supply labor or services to a project funded with federal or state grants or loans. Shepherd hopes those mandates—along with previous experience working in the oil and gas business—will help him build ACE Petroleum into a respected minority fuel supplier. “Fortune 500 companies with fleets or specific fuel needs are the type of companies we are targeting as ACE Petroleum.” Jeff Lenard, vice president of strategic industry initiatives for the National Association of Convenience Stores in Alexandria, Virginia, described ACE Petroleum as a “jobber,” a term often used for a distributor that delivers fuel. The NACS includes fuel distributors as members and its overall membership provides 80% of the fuel sold in the USA.
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