Speaking before members and officers of the Petroleum Equipment Institute (PEI), Robert Renkes, Executive Vice President of the organization, expressed optimism in the immediate future of the petroleum equipment industry and presented a positive retrospective overview of 2008 for PEI member companies. 

Renkes' remarks were delivered during a 10-point speech to more than 300 PEI members at the 2009 PEI Convention at the NACS Show, the organization's 59th annual convention and trade show, in Las Vegas, Nevada.

“2008 was a good year industry-wide,” Renkes said, citing an economic survey of PEI members that showed a prosperous 2008, despite the poor nation-wide economic climate. 

“We are experiencing, without question, the worst recession since the Great Depression,” Renkes said. “We have survived it, and in some cases flourished despite of it. With what we know today, there will be plenty of opportunity for PEI members to build on the success of the last several years.” 

Renkes also spoke about trends and issues that will influence the petroleum equipment industry, including mid-level ethanol blended gasoline, Stage II Enhanced Vapor Recovery, Diesel Exhaust Fluid (DEF), PCI compliance and proposed changes to federal aboveground storage tank (AST) and underground storage tank (UST) regulations. Renkes said PCI compliance and DEF would likely become an important economic drivers for the industry in 2010 and beyond. Stating that PCI compliance could have an economic impact as high as $1 billion on the industry and that the emerging DEF market will “increase about three percent, per year” and that “those who get in on the ground floor should benefit from the new market.”    

Founded in 1951, PEI is comprised of more than 1,500 companies engaged in the manufacturing and distribution of equipment used in petroleum marketing and related operations. Members are located in 50 states and 81 countries. PEI is the international trade association for distributors, manufacturers and installers of equipment used in petroleum-marketing and liquid-handling operations. Users of the equipment include service station and convenience-store owners, terminals, bulk plants and airport refueling operations. The Institute's headquarters are located in Tulsa, Oklahoma. For additional information on PEI or its membership, please contact Chris Bouldin at cbouldin@pei.org or visit www.pei.org.