PA House & Senate Republicans to Stop Wolf’s Insane Carbon Tax

Yesterday a bipartisan group of Pennsylvania House and Senate members held a press conference in Harrisburg to introduce parallel bills to prevent Gov. Tom Wolf from following through on his insane plan to tax carbon dioxide from natural gas-fired power plants–yet another attempt by Wolf to raise ~$300 million a year for Harrisburg politicians to spread around to voters in an effort to get themselves reelected. The proposed bills will prohibit the state from joining the so-called Regional Greenhouse Gas Initiative (RGGI) without express permission from the PA legislature.
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Antis Go Criminal – 29 Arrested for Blocking Work on NY Power Plant

Anti-fossil fuel nutters who so often turn to criminal activity in the name of “protecting” the planet have struck again–this time at the Cricket Valley Energy Center in Dutchess County, NY. The natural gas-fired power plant is nearing completion and with every rivet punched and bolt that gets turned, it drives the nutters even more insane than they already are. Some 29 protesters, some of them not local, were arrested by Dutchess County sheriff’s deputies on Saturday for blocking the entrance to the facility. Four of them climbed a 275-foot smokestack to hang banners. We have the names and ages of all 29 who broke the law.
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Prediction: Marcellus/Utica Gas Production Slows to 2-3% in 2020

As we pointed out in our post yesterday about the U.S. EIA’s latest Drilling Productivity Report, natural gas production in the U.S. is slowing down (see EIA Nov ’19 Drilling Report: Permian Gas Grows More than M-U). No surprise in that bit of news as we’ve been reporting for months about various drillers in the Marcellus/Utica (and other plays) announcing their intent to spend less on drilling both this year and next. Production in the M-U is expected to grow 8-9% this year over last year. But what about next year?
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Diversified Gas & Oil Securitizes Appalachian Wells to Raise $200M

Diversified Gas & Oil owns close to 8 million acres of leases with some 60,000 (mostly) conventional oil and gas wells. Their focus has been to acquire quality production and cash flow–regardless of the well or commodity type (gas or oil). They currently have over 400 shale wells in their portfolio. Diversified has just closed on a deal to raise more money via securitization–meaning to issue securities (“notes”) based on the value of their gas wells. It will raise a reported $200 million for the company. The securitization transaction is being called “groundbreaking.”
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U.S. Sen. Joe Manchin (WV) Pushes Radical NRDC Attorney for FERC

Shame on Joe Manchin, who once considered leaving the leftist Democrat Party to become a Republican (but didn’t). Now he’s showing his true colors by pushing a far far far left radicalized candidate for an empty seat on the Federal Energy Regulatory Commission (FERC)–a former “senior attorney” for the odious National Resources Defense Council (NRDC). No way, no how Joe.
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WV State Severance Tax Revenue Whacked by Low NatGas Price

Not long ago we highlighted the problem of falling severance tax revenue in West Virginia (see Falling WV Severance Tax Revenue a Problem for Gov. Justice). The state previously forecast severance tax revenues of $85 million for July, August and September. They got $59 million–or $26 million less. Unfortunately for WV the same downward trend continued in October.
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IEA World Energy Outlook 2019: Shale’s Best Days Yet to Come

Each year the International Energy Agency (IEA) issues a special World Energy Outlook report. The 2019 edition was released last week. In this year’s Stated Policies Scenario, the share of natural gas in global primary energy demand grows to about 25% by 2040, and in the Sustainable Development Scenario, gas retains a critical role by supplying a projected one fifth of the world’s primary energy in 2050. Shale production growth is now slowing as investors lose interest, but IEA says: “the shale race is not yet run; many of the most profound impacts of the shale revolution still lie ahead.” Cool!
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Shale Energy Stories of Interest: Wed, Nov 20, 2019

MARCELLUS/UTICA REGION: Sen. Yudichak switches parties; Johns Hopkins researcher – Pa. should ban fracking; Pipeline inspectors seek final nod for $2.2M OT deal; OTHER U.S. REGIONS: Salaries growing faster in oil-rich Texas than New York; NATIONAL: Committee votes FERC, DOE, DOI nominations through to full Senate; Rising baseload demand for gas means more price spikes, volatility; Challenging commercial environment for new US liquefaction projects seen persisting.
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