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What is the wax on-top of fuel pump sending unit assembly on a 94 suburban?

That "wax" on top of a 1994 Suburban's fuel pump sending unit assembly is actually a sealant. It's not wax in the traditional sense, but rather a type of waterproof sealant, often a rubberized or epoxy-based material, designed to prevent fuel leaks around the unit's mounting flange where it sits in the fuel tank. Its purpose is to create a hermetic seal.