CONSOL Sells More Coal Mines, Investing $24B(!) in Shale Drilling

CONSOL Energy continues what seems to be its inevitable transformation from being a coal mining company to being a natural gas drilling company. The federal government (EPA) is killing the coal industry by killing electric power generating plants that run on coal with onerous new “pollution” standards. It is intentional–Obama’s EPA wants to kill coal. CONSOL is feeling the heat–losing more and more customers for their coal. And so CONSOL has announced they’re selling five more of their coal mines located in West Virginia and Pennsylvania and using the money to expand their natural gas drilling operation.

In fact, CONSOL says it plans to invest an eye-popping $24 billion in West Virginia and Pennsylvania natural gas drilling over the next 10 years. By comparison, MDN found in the most recent volume of the Marcellus and Utica Shale Databook that announced midstream infrastructure projects in the northeast add up to a $40 billion investment. CONSOL, a single driller, will spend more than half that amount on new drilling alone! These are truly staggering numbers and very good news for the states involved. Too bad New York (where MDN is located) is seeing NONE of this investment…

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