diff --git a/scripts/prepare_sector_network.py b/scripts/prepare_sector_network.py
index 71b504391..b6644d6dc 100644
--- a/scripts/prepare_sector_network.py
+++ b/scripts/prepare_sector_network.py
@@ -539,7 +539,24 @@ def add_carrier_buses(n, carrier, nodes=None):
 
     unit = "MWh_LHV" if carrier == "gas" else "MWh_th"
     # preliminary value for non-gas carriers to avoid zeros
-    capital_cost = costs.at["gas storage", "fixed"] if carrier == "gas" else 0.02
+    if carrier == "gas":
+        capital_cost = costs.at["gas storage", "fixed"]
+    elif carrier == "oil":
+        # based on https://www.engineeringtoolbox.com/fuels-higher-calorific-values-d_169.html
+        mwh_per_m3 = 44.9 * 724 * 0.278 * 1e-3  # MJ/kg * kg/m3 * kWh/MJ * MWh/kWh
+        capital_cost = (
+            costs.at["General liquid hydrocarbon storage (product)", "fixed"]
+            / mwh_per_m3
+        )
+    elif carrier == "methanol":
+        # based on https://www.engineeringtoolbox.com/fossil-fuels-energy-content-d_1298.html
+        mwh_per_m3 = 5.54 * 791 * 1e-3  # kWh/kg * kg/m3 * MWh/kWh
+        capital_cost = (
+            costs.at["General liquid hydrocarbon storage (product)", "fixed"]
+            / mwh_per_m3
+        )
+    else:
+        capital_cost = 0.1
 
     n.madd("Bus", nodes, location=location, carrier=carrier, unit=unit)
 
@@ -2999,24 +3016,7 @@ def add_industry(n, costs):
 
     # methanol for industry
 
-    n.madd(
-        "Bus",
-        spatial.methanol.nodes,
-        carrier="methanol",
-        location=spatial.methanol.locations,
-        unit="MWh_LHV",
-    )
-
-    n.madd(
-        "Store",
-        spatial.methanol.nodes,
-        suffix=" Store",
-        bus=spatial.methanol.nodes,
-        e_nom_extendable=True,
-        e_cyclic=True,
-        carrier="methanol",
-        capital_cost=0.02,
-    )
+    add_carrier_buses(n, "methanol")
 
     n.madd(
         "Bus",
@@ -3187,38 +3187,10 @@ def add_industry(n, costs):
             ],  # CO2 intensity methanol based on stoichiometric calculation with 22.7 GJ/t methanol (32 g/mol), CO2 (44 g/mol), 277.78 MWh/TJ = 0.218 t/MWh
         )
 
-    if "oil" not in n.buses.carrier.unique():
-        n.madd(
-            "Bus",
-            spatial.oil.nodes,
-            location=spatial.oil.locations,
-            carrier="oil",
-            unit="MWh_LHV",
-        )
-
-    if "oil" not in n.stores.carrier.unique():
-        # could correct to e.g. 0.001 EUR/kWh * annuity and O&M
-        n.madd(
-            "Store",
-            spatial.oil.nodes,
-            suffix=" Store",
-            bus=spatial.oil.nodes,
-            e_nom_extendable=True,
-            e_cyclic=True,
-            carrier="oil",
-        )
+    if shipping_oil_share:
 
-    if options.get("fossil_fuels", True) and "oil" not in n.generators.carrier.unique():
-        n.madd(
-            "Generator",
-            spatial.oil.nodes,
-            bus=spatial.oil.nodes,
-            p_nom_extendable=True,
-            carrier="oil",
-            marginal_cost=costs.at["oil", "fuel"],
-        )
+        add_carrier_buses(n, "oil")
 
-    if shipping_oil_share:
         p_set_oil = shipping_oil_share * p_set.rename(lambda x: x + " shipping oil")
 
         if not options["regional_oil_demand"]: