December 3, 2020 | Vol. 70, No. 24
Dear PEI Member:
The “State of the Industry” address during the 2020 PEI Virtual Convention & Expo included an in-depth analysis of these and other findings. If you missed the live event, you still can register to view all content, including the State of the Industry, on demand through Dec. 31.
by e-mail to the editor, Rick Long at email@example.com
Members participating in PEI’s recent business outlook survey predict that in five years, contactless mobile payment will account for 27% of all fuel purchases.
PEI PRIORITY CLUB LAUNCHES
PEI will announce additional 2021 Priority Club members in future TulsaLetter issues. In return for their extra financial commitment to PEI, Priority Club members receive added recognition and benefits throughout the year, including early booth selection for the 2021 NACS Show. To learn more and apply for Priority Club membership, email Tom Leibrandt.
FFV MODELS DECLINE, E15 APPROVALS RISE
According to RFA’s analysis, light-duty vehicle manufacturers approve E15 for nearly 95% of all 2021 models. That’s up from 89% three years ago. Only Mercedes-Benz, Mazda, Mitsubishi and Volvo — which collectively represent less than 6% of sales — do not authorize E15 in their vehicles.
UPDATES BULK PLANT RP
PEI/RP800-20 consolidates published and unpublished best practices on the construction of petroleum bulk-storage systems, including underground, aboveground, atmospheric and shop-fabricated tanks, associated piping, diking, and spill containment equipment.
The document’s practices will help distributors, contractors, owners and operators maximize system efficiency; prevent surface and groundwater contamination; minimize environmental hazards; reduce safety hazards; and avoid needless installation costs.
Public comments this summer yielded no recommendations for major changes to the 2013 edition. The 2020 edition includes updated references and revisions approved by the PEI Bulk Plant Installation Committee to conform to current PEI style guidelines.
Learn more and order PEI/RP800-20 here.
PEI members who received a PPP loan in 2020 should discuss this ruling with their tax advisors.
Today, PEI joined 563 other trade associations in a letter urging congressional leaders to reverse the IRS policy before Dec. 31. The letter states, in part:
“Included in the CARES Act was a provision stating that any portion of a PPP loan that qualified for loan forgiveness ‘shall be excluded from gross income’ for tax purposes. This tax-free treatment of any forgiven loan amount was a key provision in the law and featured prominently in the debate leading up to and following the legislation’s enactment. … The effect of [the IRS) ruling is to transform tax-free loan forgiveness into taxable income, raising the specter of a surprise tax increase of up to 37 percent on small businesses when they file their taxes for 2020.”
“Plug-in hybrid cars put out far more CO2 in real-world driving than in tests that determine emissions compliance and ratings advertised to consumers, according to a group urging governments to roll back support for such models. Three of the most popular plug-in hybrids — BMW’s X5, Volvo’s XC60 and Mitsubishi’s Outlander — exceed their advertised carbon-dioxide emissions ratings by as much as 89% when tested on a fully charged battery, Brussels-based Transport & Environment said … .” — Bloomberg, Nov. 23
“General Motors Co. is laying the groundwork for a bigger bet on electric vehicles, telling investors at a virtual conference it plans to boost spending on them by more than a third to US$27 billion as part of a push to introduce 30 battery-powered models by 2025. The initiative outlined Thursday represents an increased investment of US$7 billion and 10 more EVs than previously planned, including some that will be cheaper than US$35,000. The announcement comes as rival automakers plan dozens of new all-electric models, which could benefit from EV-friendly policy changes expected under the administration of President-elect Joe Biden.” — Bloomberg, Nov. 19
Dwight Rutledge, business development manager for Champion Labs Inc., will retire Dec. 31 after 37 years in the industry. A former PEI board member, Rutledge was instrumental in establishing the Petro Clear Filter product line. After Dec. 31, reach Rutledge at firstname.lastname@example.org
Petrosoft LLC announced a partnership with Bulloch Technologies to provide a back-office software solution for Canadian convenience stores. Under the agreement, Petrosoft will integrate its CStoreOffice software with Bulloch's point-of-sale (POS) BT9000.
Dover Fueling Solutions promoted Wendi Pitman to vice president of the newly created digital customer experience (CX) organization and IT team. Pitman has been with DFS for 15 years. She previously held IT leadership positions with Newell Rubbermaid/Burnes Group and Newellco.
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The TulsaLetter is published two or three times each month by the Petroleum Equipment Institute. Richard C. Long, Editor. Opinions expressed are the opinions of the Editor.