While some of the posters here don't like waste oil, i do, but i have planned ahead for a lot of contingencies. I store the oil i'll be burning anytime soon inside, in one of three fuel oil barrels in a pallet rack off the floor. They take up room i wasn't going to use anyway. You can see this setup in my thread. As far as usage goes, waste oil has about 140,000 BTU's per gallon just like fuel oil. Maybe a hair more due to carbon content. You can't go by "I burned XXXX gallons a year it sucked." If you are using a lot of fuel, it's because you have a large building or you have poor insulation, period. BTUs don't care where they come from. My fuel choices where i am are propane, or wood, or oil. If i had NG, i would probably have it because it's dirt cheap right now.
There *IS* more to deal with on waste oil, but if you want cheap and you can't get NG, it may be a good deal. INSULATE well, and you won't use any more than a normal fuel source.