Speaking before members of the Petroleum Equipment Institute (PEI), Robert Renkes, executive vice-president of the organization, expressed optimism in the future of the petroleum equipment industry and presented a mixed retrospective overview of 2009 for PEI member companies.
His remarks were delivered during a speech to more than 300 PEI members at the 2010 PEI Convention at the NACS Show, the organization’s 60th annual convention and trade show, in Atlanta GA.
“While the weak general economy has not spared the typical PEI distributor,” Renkes said, “there are numerous forthcoming governmental and industry programs that require the equipment and services offered by our members.”
He cited PCI Compliance, mid-level ethanol blended gasoline, Stage II Vapor Recovery, National Emissions Standards for Hazardous Air Pollutants (NESHAP) regulations, Diesel Exhaust Fluid (DEF), and ultra low sulfur diesel as possible stimulants to the industry. He said, “We should expect these programs to affect PEI members, not only in 2011 but years down the road.”
Renkes concluded that while there is no current “rising sea to lift all the ships,” individual PEI members will have ample opportunity in the near future to produce a solid bottom line.