Speaking to members and officers of the Petroleum Equipment Institute (PEI), Robert Renkes, executive vice president of the organization, presented a positive overview of 2011-2012 and expressed optimism in the future of the petroleum equipment industry.

During the speech, Renkes gave a positive evaluation of current business conditions and economic indicators within the petroleum equipment industry, while pointing out several challenges beyond the control of distributors, including the national economy and international political tension.  
 
“There look to be more opportunities than potential pitfalls for the petroleum equipment industry in the foreseeable future,” he said, “even after factoring in business lost due to the elimination of Stage II Vapor Recovery in 30,000 stations within the next few years.

“PEI members should be busy helping customers build and rehab stations, add E15, DEF and diesel to the fuel island, deal with the problems in ultra low sulfur diesel systems and prepare to offer fuels for the future, such as CNG and LNG,” Renkes continued.  “Were it not for a precarious national and world economy and Mideast tensions near the ‘boiling point,’ the outlook would be even rosier.”

Renkes' remarks were delivered during a speech to more than 300 PEI members at PEI’s annual membership meeting on Tuesday, Oct. 9. The event was held in conjunction with the 2012 PEI Convention at the NACS Show in Las Vegas, Nev., the organization's 62nd annual convention and trade show.

Founded in 1951, PEI is comprised of more than 1,600 companies engaged in the manufacturing and distribution of equipment used in the petroleum and energy handling industry. Members are located in 50 states and 81 countries. PEI is the leading authority and source of information for fuel and liquid handling equipment industry and is committed to promoting the value of distributor services and improving the business relationships and practices of its members. PEI’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.