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In one aspect, the invention relates to a system for monitoring a fluid dispensing system having a storage tank and a piping system having a maximum output flow rate threshold. The system includes a dispenser configured to dispense fluid from the fluid dispensing system during a dispensing time inte

In one aspect, the invention relates to a system for monitoring a fluid dispensing system having a storage tank and a piping system having a maximum output flow rate threshold. The system includes a dispenser configured to dispense fluid from the fluid dispensing system during a dispensing time interval, a metering device in fluid communication with piping system, the metering device configured to measure a plurality of sample flow rates over time in response to fluid passing through the metering device, a gauge for measuring a volume of fluid dispensed from the storage tank during the dispensing time interval and a processor for executing a monitoring application which generates an alert within a substantially real-time period in response to an event of interest, the monitoring application comparing the maximum output flow rate threshold to the plurality of sample flow rates over time to generate the alert when one of the sample flow rates exceeds the maximum output flow rate threshold.

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1. A processor-based system for monitoring a fluid dispensing system having a storage tank and a piping system, the piping system having a maximum output flow rate threshold, the processor-based system comprising: a dispenser configured to dispense fluid from the fluid dispensing system during a dis

1. A processor-based system for monitoring a fluid dispensing system having a storage tank and a piping system, the piping system having a maximum output flow rate threshold, the processor-based system comprising: a dispenser configured to dispense fluid from the fluid dispensing system during a dispensing time interval, wherein the dispenser comprises a dispenser metering device;a metering device in fluid communication with the piping system, the metering device configured to measure a plurality of sample flow rates over time in response to fluid passing through the metering device;a monitoring application, wherein the monitoring application generates a dispensing alert when a piping system flow rate measured at the metering device is greater than a dispensing flow rate measured at the dispenser metering device; anda processor configured to execute the monitoring application such that the monitoring application generates an alert within a substantially real-time period when at least one of the sample flow rates exceeds the maximum output flow rate threshold. 2. The system of claim 1 wherein the substantially real-time period ranges from about 5 seconds to about 90 seconds. 3. The system of claim 1 wherein the metering device is positioned in a trunk line, the trunk line being disposed in the piping system between the storage tank and the dispenser. 4. The system of claim 1 wherein the metering device is an advanced flow device, the advanced flow device comprising a module selected from the group consisting of a flow rate module, a temperature sensing module, a direction of flow module, a shut down module, and a data collection module. 5. The system of claim 1 wherein the monitoring application generates an event of interest alert when the dispenser is not authorized in an off-hook state and at least one flow rate at the metering device is greater than the maximum output flow rate threshold. 6. The system of claim 1 wherein the dispenser has a state and wherein the processor is configured to determine a modified maximum output flow rate threshold when the state changes. 7. A processor-based system for monitoring a fluid dispensing system having a storage tank and a piping system, the piping system having a maximum output flow rate threshold, the processor-based system comprising: a dispenser configured to dispense fluid from the fluid dispensing system during a dispensing time interval;a metering device in fluid communication with the piping system, the metering device configured to measure a plurality of sample flow rates over time in response to fluid passing through the metering device;a monitoring application;a processor configured to execute the monitoring application such that the monitoring application generates an alert within a substantially real-time period when at least one of the sample flow rates exceeds the maximum output flow rate threshold; and a gauge for measuring a volume of fluid dispensed from the storage tank during the dispensing time interval. 8. A processor-based system for monitoring a fluid dispensing system having a storage tank and a piping system, the piping system having a maximum output flow rate threshold, the processor-based system comprising: a dispenser configured to dispense fluid from the fluid dispensing system during a dispensing time interval;a metering device in fluid communication with the piping system, the metering device configured to measure a plurality of sample flow rates over time in response to fluid passing through the metering device;a monitoring application; anda processor configured to execute the monitoring application such that the monitoring application generates an alert within a substantially real-time period when at least one of the sample flow rates exceeds the maximum output flow rate threshold, wherein the metering device comprises a module for detecting changes in fluid flow direction. 9. The system of claim 1 further comprising a pressure detector in fluid communication with the piping system and in electrical communication with the processor. 10. The system of claim 9 wherein the pressure detector transmits a signal to the monitoring application associated with a pressure change in the piping system such that the monitoring application generates one of an alert or a shut down signal when the pressure change deviates from a normal pressure level. 11. A processor-based system for monitoring a fluid dispensing system having a piping system, the piping system having a maximum output flow rate threshold, the processor-based system comprising: a plurality of flow rate metering modules for providing, at a plurality of times, data indicative of fluid flow rate, wherein one of the plurality of flow rate metering modules is disposed in a trunk line of the piping system and another one of the plurality of flow rate metering modules is disposed within a dispenser in fluid communication with the piping system; anda processor for receiving the data from the metering modules, calculating a flow rate value at each of the plurality of times, calculating a flow rate difference between the maximum output flow rate and the flow rate metering module indicated flow rate at each of the plurality of times, and generating an alert when the flow rate difference indicates the maximum output flow rate threshold has been exceeded. 12. The system of claim 11 wherein the processor generates alerts within a substantially real-time period. 13. The system of claim 12 wherein the substantially real-time period ranges from about 5 seconds to about 90 seconds. 14. The system of claim 11 wherein one of the plurality of flow rate metering modules is an advanced flow device, the advanced flow device comprising a module selected from the group consisting of a flow rate module, a temperature sensing module, a direction of flow module, a shut down module, and a data collection module. 15. The system of claim 11 wherein the alert corresponds to an event of interest, the event of interest is selected from the group consisting of a line leak, a tank leak, a theft, and a dispenser error. 16. A method of monitoring a fluid storage and dispensing system comprising the steps of: generating a first set of flow rate data at a first point in time at a first location in a piping system using a first flow rate meter, the piping system connected to the fluid storage and dispensing system and having a plurality of outlets;transmitting the first set of flow rate data to a monitoring device;determining a reaction threshold for the piping system, the reaction threshold corresponding to a maximum flow rate through the plurality of outlets of the piping system;detecting a fluid release event within a detection interval when the first set of flow rate data is greater than the reaction threshold; andgenerating an alert, using the monitoring device, when the fluid release event is detected within a substantially real-time period. 17. The method of claim 16 further comprising the steps of generating a second set of flow rate data at a second point in time at the first location in the piping system, wherein the alert is generated based on a comparison of the first set of flow rate data to the second set of flow rate data. 18. The method of claim 16 further comprising the step of periodically adjusting the reaction threshold using the first set of flow rate data. 19. The method of claim 16 wherein the detection interval ranges from about 30 seconds to about 90 seconds. 20. The method of claim 16 wherein at least one of the steps is performed while fluid is moving in the system piping system. 21. The method of claim 16 further comprising the step of automatically stopping fluid flow in a segment of the piping system when the alert is generated. 22. The method of claim 16 further comprising the steps of detecting back flow in a portion of the piping system and dynamically adjusting the reaction threshold in response to the back flow. 23. The method of claim 16 further comprising the step of collecting a set of pressure data at a location in a piping system using a pressure detector and wherein the alert is generated when the pressure data deviates from a predetermined pressure profile.