Patriot Capital Announces Financing Options to Assist Fuel Retailers in Meeting New EPA Rules
Major Revisions to EPA UST Regulations
The first major revisions to the U.S. Environmental Protection Agency’s (EPA) regulations concerning the operation and installation of 
underground storage tanks since 1988 were finalized in 2015. Patriot Capital has introduced an array of UST financing options with the goal of assisting petroleum retailers who need to upgrade their tanks and systems to meet the new requirements.
“The new regulations could require many petroleum retailers and c-stores to make a large investment in infrastructure,” said Richard Browne, Vice President, Marketing, at Patriot Capital. “Our longstanding relationships with jobbers, retailers and c-store owners throughout the country provides the insight to introduce financing options that will allow retailers and jobbers to upgrade their storage tank facilities with an eye on cash flow.”
Approximately 566,000 underground storage tanks (USTs) nationwide store petroleum or hazardous substances. According to the EPA, the greatest potential threat from a leaking UST is contamination of groundwater, the source of drinking water for nearly half of all Americans. In drafting the new regulations, the EPA, states, and tribes worked in partnership with the petroleum industry to protect the environment and human health from potential releases.
“The additions and changes coming to the industry are substantial,” writes Robert N. Renkes in PEI Journal. “In total, the 2015 regulation address approximately 25 separate UST-related areas.”
The 4,000-page 2015 Regulation Includes:
- Periodic operation and maintenance requirements for UST systems, including monthly spill-prevention equipment walk-throughs and annual inspection for damage or leaks
- Addresses UST systems deferred in the 1988 regulations, and specifically removes the deferral for airport hydrant fuel-distribution systems
- Adds new release detection and prevention technologies
- Updates codes of practice and makes editorial and technical corrections to the 1988 regulations
- Updates state program approval (SPA) requirements to incorporate the changes
- Adds secondary containment technologies for new and replaced tanks in Indian country
- Adds operator training requirements in Indian country
With a few exceptions implementation dates for the various requirements are either the effective date of the regulation, or three years after the regulation takes effect.
“The EPA recognized that the new regulations may require substantial investment in new technology, so retailers were given three years to accomplish most of the necessary upgrades,” said Patriot Capital’s Browne. “We know gasoline jobbers, retailers and c-store owners have already started planning the upgrades they’ll need to meet the new requirements. We are offering financing options to help C-stores match their expenses more closely with the related cash flow, and to assist them while making high-dollar investments in their on-site fueling infrastructure.”
For more information on the new regulations, please visit:
http://www.tanknology.com/pdf/PEI-Journal-New-UST-Regs-Q3-2015.pdf
http://fuelmarketernews.com/policy-brief-new-ust-regulations-finalized/