XNG Compressed Gas Truck Overturns Near Binghamton, Driver Killed
What is arguably the worst-case scenario for a virtual pipeline company has happened–and it happened not more than 10 miles as the crow flies from MDN HQ. Early Monday morning a compressed natural gas (CNG) truck from Xpress Natural Gas (XNG) was traveling up Interstate 88 near Binghamton (Chenango Bridge area) at 1 am when the driver noticed two deer on the road. He swerved to miss the deer, tipping over the truck which held full canisters of CNG. The truck and trailer crashed into the concrete barrier between the east- and west-bound lanes, ejecting the driver and, sadly, killing him. Both deer were killed as well. One of the canisters in the trailer was punctured and released its gas. Some 80 nearby homes were evacuated as a precaution.
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There is no way to track exactly how much royalty revenue is received by Pennsylvania landowners, because royalty income is not reported separately on the Pennsylvania income tax return. Royalty income is combined with rental, patent and copyright income on line 6 of the PA-40 state income tax return. However, the crack researchers at the Pennsylvania Independent Fiscal Office, a state government agency created in 2010, has a way of estimating how much revenue has been generated by oil and gas royalties. The IFO just released a report (full copy below) that shows they estimate royalties in 2018 hit their highest level since they began tracking oil & gas royalty revenue in 2010.
The Sierra Club, along with some lesser-known but equally radical enviro groups, filed a court challenge to an air quality permit granted by the Ohio Environmental Protection Agency for the PTT Global Chemical ethane cracker plant project in Belmont County, OH back in January (see 
Pennsylvania is the #2 top producing natural gas state in the union, producing 6.2 trillion cubic feet (Tcf) in 2018. Ohio is the #5 top producing natgas state, producing 2.4 Tcf last year. However, West Virginia is rapidly moving up the ranks. In 2018, WV produced 1.8 Tcf of natural gas, the #7 spot, thanks to the Marcellus and, increasingly, the Utica Shale. It’s time to give WV the respect it’s due.
Although we haven’t (yet) had the pleasure of a tour at the massive Shell ethane cracker plant complex in Beaver County, PA (near Pittsburgh), we’ve spoken to others who have. Universally they say it is a marvel to behold. The world’s second largest crane, dubbed “the Mother of All Cranes” is on site, along with about 100 other cranes (no lie, at least 100 cranes). The site is teeming with thousands (yes thousands) of construction workers–some 5,000 right now, and will reach 6,000 by year’s end. But we’ve turned a corner. According to officials, most of the large structures have now been built and the work is shifting to connect them all. Come along with us for a video tour of the facility.
We recently received a press release from IHS Markit, a major analytics company that tracks data in the oil and gas industry. They have a new report that says (sit down please, we’re talking to you MDN reader)…the average price for natural gas over the course of 2020 at the Henry Hub (the NYMEX traded price) will average less than $2 per thousand cubic feet (Mcf). In other words, get ready, the bottom is about to fall out of the market for the price of gas once again. And it’s going to be far worse than a few years go. The last time the price was lower than $2/Mcf on average was in 1995–nearly 25 years ago!
MARCELLUS/UTICA REGION: Despite proven record of climate progress, natural gas suspiciously missing from NYC climate week; WV budget shortfalls result of downturn in coal exports, gas prices, pipeline jobs; Opponents rally against 23-mile gas pipeline extension; Natural gas impact tax works for Wyoming, Susquehanna, Sullivan and Wayne counties; NATIONAL: Fracking ban rhetoric might appeal to woke left but it’s a loser for America; AI tech provider releases new shale well spacing algorithm; Top energy regulator warns of mass blackouts if a gas pipeline were attacked; Renewable Portfolio Standard Scam (Part 1) – video; More fracking, or more war?; The halting progress of U.S. LNG export projects; INTERNATIONAL: Japan to break dependence from Middle East oil with $10bn LNG investment.