I haven't tried yet (since I'm still setting everything up and oil is far away), but I think you can already stop spreading explosions. You need 3 pumps, 2 storage tanks and circuitry to fill up the first tank only if the second is empty and the second one only when you're emptying the first one. Actually, make that 4 pumps and 3 storage tanks, so that explosions can't spread when you're pumping from the first to the second one.
I guess the pipe meter mod would be really helpful to maximize throughput here.