Speaking to members and officers of the Petroleum Equipment Institute (PEI), Robert Renkes, executive vice president of the organization, presented a positive overview of 2014 and 2015 and expressed optimism in the future of the petroleum equipment industry.

During the speech, Renkes said PEI member companies had "another banner year" and that he expects current momentum to carry into 2016. 

"EMV (Europay Mastercard Visa)-driven sales and service is the primary reason business is doing so well," Renkes said, "while construction of new storage and dispensing facilities, equipment service and the commercial-industrial side of the industry was cited as other drivers of our industry."

Renkes pointed out that large national programs and regulations often drive equipment sales, service and installation for PEI members. 

"During the next three years, I see EMV-related equipment leading the way, with underground storage tank equipment testing and inspection not far behind," he said.

Renkes called attention to the U.S. Department of Energy’s Optima Program, which “seeks to transform the fuels and vehicles” that Americans will drive in the next 10-20 years. 

Renkes' remarks were delivered during a speech to more than 300 PEI members at PEI’s annual membership meeting on Tuesday, Oct. 13. The event was held in conjunction with the 2015 PEI Convention at the NACS Show in Las Vegas, the organization's 65th annual convention and trade show.

Founded in 1951, PEI is comprised of more than 1,600 companies engaged in manufacturing, distributing and servicing equipment used in the fuel and fluid handling industry. Members are located in 50 states and 81 countries. PEI is the leading authority and source of information for the fuel and fluid handling equipment and services industry. The association is committed to promoting the value of distributor services and improving the business relationships and practices of its members. PEI is headquartered in Tulsa, Oklahoma. For additional information, please contact Chris Bouldin at cbouldin@pei.org or visit www.pei.org.