Oh oh, this isn’t supposed to happen…A group of Yale economics graduates together with a Yale professor have written a detailed and well-researched paper refuting the mighty New York Times and concluding that the benefits of shale gas are enormous and should continue.
The 12-page paper, titled “The Arithmetic of Shale Gas” is embedded below. The authors of the paper consider both the economic benefits and the costs, including environmental damage, and make the following observation:
Welcome to the USSA – the United Socialist States of America. Just think USSR updated, because that’s what we’ve now become.
The reason for this latest MDN tirade? Yesterday the U.S. Court of Appeals in Washington, D.C. ruled in favor of the rogue, power-hungry so-called Environmental Protection Agency (EPA) in a case that will allow unelected bureaucrats inside the EPA to regulate everything—all human activity—under the guise that said activity produces greenhouse gas emissions (a copy of the ruling is embedded below).
Each year, the Canadian-based Fraser Institute surveys petroleum industry executives and managers (623 of them for 2012) asking them their opinions on the barriers to investing in exploration and production in various geographies across the globe. That is, what makes them more likely or less likely to spend money drilling in a particular location?
The Global Petroleum Survey, as it’s called, tallies the survey responses and ranks each geography from most desirable place to invest, to least desirable. The rankings for this year are interesting and illustrative that politicians’ words and legislation have a direct bearing on where, and how much, drilling companies are willing to spend.
EQT Corp, one of the larger drillers in the Marcellus and Utica Shale, has spun off its midstream (pipeline and processing plant) operations into its own company. Shares of the new EQT Midstream started selling yesterday in an initial public offering (IPO), and today those shares will start to be publicly traded on the New York Stock Exchange (ticker symbol EQM).
What does it mean? It means EQT’s midstream activities will have a nice new pot of cash to expand with—somewhere around $260 million (put another way—over a quarter of a billion dollars). EQT’s drilling activities will now be serviced by a bigger, more robust midstream operation to get their gas to market.
Today’s issue of USA Today sports a major article on shale gas drilling. It mostly points out the negatives, although for USA Today it’s about as “balanced” as it can get (with a few paragraphs about the benefits of drilling).