Speaking to members and officers of the Petroleum Equipment Institute (PEI), Robert Renkes, executive vice president of the organization, presented a positive overview of 2013 and 2014 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, “The financial performance of the petroleum equipment industry in 2013 and 2014 was the best since 2008,” he said. “Members can expect an even better year in 2015 and the near-term future is even brighter.”

“Next year will be the year the new underground storage tank rules will become known and start to go into effect,” Renkes continued. “EMV will be added inside the store that same year. Coupling those two new requirements with an already strong market lead by the petroleum retailing, commercial refueling and emergency generator segments of the industry leads me to believe that our industry will remain strong in the foreseeable future.”

Renkes’ remarks were delivered during a speech to more than 300 PEI members at PEI’s annual membership meeting on Wednesday, Oct. 8. The event was held in conjunction with the 2014 PEI Convention at the NACS Show in Las Vegas, Nev., the organization’s 64th annual convention and trade show.

Founded in 1951, PEI is comprised of more than 1,600 companies engaged in manufacturing and distributing 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, Okla. For additional information, please contact Chris Bouldin at cbouldin@pei.org or visit www.pei.org.