Pressure waves do travel at acoustic velocity of the fluid although total pressure buildup at any given spot does not typically happen on the first reflection, each reflection builds up pressure. Typically the first wave might reach 1/2 of total, the 2nd wave adds another 1/4 or so, the 3rd adds an 1/8 of the total surge pressure. After the 4 wave, pressure build is pretty much finished. In short lengths of pipe, like this station has, and with that accoustic velocity, which is pretty high (faster than water is, if I recall correctly). Crude should be around 2500 to 2750 fps, again if I recall correctly, falling to 22-2300 when pipe modulus is taken into consideration). you might want to check into the velocity calculation. They might be using the wrong coefficient, but in any case with those short lengths of pipe, whatever velocity you use won't make much difference. Pressure builds will be quick no matter what. 5-6 fps is a better range for tank farms. Too late to do much about that.
I think that PCVs should never be designed to actally close, if they actually close then they certainly are not regulating pressure. Normally I size CVs to operate between 30% to 80% open. That keeps you out of the smaller %open ranges that can have exaggurated effects on rapid velocity and pressure changes when the valves are nearing full closure. With Cvs near closing, upstream perssures often rise and negate the effect flatter Cv-%Open slopes, especially with surges going on anyway.
Pump control might be effective, but how do you control those 3rd party pumpers?
Maybe the meter mfg is your best hope to solve this quickly.
TXRRC, ASME B31.3, 4 and 8 or CFR 49 Part 192 give any requirements in this regard, outside their general limitation of surge overpressures not exceeding 110% of MAOP and (I think) the number of hours per year that they can be within the MAOP-110% MAOP range. I prefer to design systems to be actively reducing pressure whenever it goes over MAOP, rather than to try to keep operation during overpressures limited to a certain number of hours/year.