Business View Magazine | December 2020

123 BUSINESS VIEW MAGAZINE DECEMBER 2020 Global markets for crude oil, petroleum products and chemicals are changing dramatically, and that means trade flows are evolving as well. As a key link needed to facilitate transportation of liquid commodities, liquid terminals are a dynamic and growing sector. In response to shifting trade patterns such as increases in U.S. oil production, new construction and expansion of terminals is underway to serve growing export demand. This includes facilities to store and handle commodities destined for use in the U.S., as well as those slated for export. ILTA is the only North American-based trade association with an exclusive focus on the liquid terminal industry, allowing it to understand the unique challenges confronting terminal owners and operators. ILTA represents over 80 companies operating liquid storage terminals in all 50 states and in nearly 40 countries. ILTA’s membership also includes over 400 companies that supply products and services to the terminal industry. Recently, ILTA scored a major advocacy victory when the U.S. Environmental Protection Agency proposed a new tank rule to allow added flexibility to terminal operators while maintaining the scheduled tank inspection timelines. ILTA brought the issue to EPA during COVID-19, explaining to the agency that tanks could be inspected as safely and with fewer emissions if they were allowed to stay in service. ILTA President Kathryn Clay applauded the new regulation, stating, “The tank rule is a great example of how the pandemic actually spurred into action a policy change that’s been needed for some time. The new rule will broaden the applicability of a more modern standard that has applied for years to aboveground storage tanks subject to Maximum Achievable Control Technology requirements. Under appropriate circumstances, this update will allow industry to maintain compliance commitments without unnecessarily taking tanks out of service.” A by-product of the pandemic was decreased demand for petroleum, at the same time as Russia and Saudi Arabia were flooding the market, and U.S. production had not caught up with the NTERNAT IONAL L IQUID TERMINALS ASSOC I AT ION ( I LTA)