E&Y Study: How Bad was 2020 for O&G Drillers? Investment Down 60%
EY, formerly known as Ernst & Young Global Limited, is one of the Big Four accounting firms in the world. The company is also a powerhouse consulting firm. EY published a new study yesterday called “EY US oil and gas reserves, production and ESG benchmarking study” (full copy below). In the study EY tells us what we already knew: That 2020, due to the coronavirus, was a waste of a year in the oil and gas sector. It was bad–really bad. The EY study puts some numbers to just how bad, including the shocking number that capital expenditures (capex) totaled $60.3 billion, 60% lower than 2019. Of the 50 companies studied they collectively drilled 41% and 32% fewer development and exploration wells, respectively, compared with 2019.
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Having struck out at the state level, a group of Big Green radicals is now asking dementia Joe to cancel a tiny 6.8-mile natural gas pipeline stretching from Brownsville to North Brooklyn in New York City that’s already pretty much built. Their false claim? That pipeline is RACIST. That’s right folks. We bet you didn’t know a hunk of inanimate steel buried in the ground could be racist. The radicals claim it can be and is, and Uncle Joe should just wave his magic leftist wand and cancel it.
Researchers at Penn State evaluated eight oil and gas wastewaters (i.e. brines), waste soybean oil, and commercial dust suppressants, comparing them to see how well they controlled particle pollution on simulated patches of road. If you believe the headlines about the study, you would believe wastewater is “not usually the best option” for treating dusty roads in PA. If you read the research study itself, you come to the conclusion the study draws no such conclusion.
It may be depressing to see just how radicalized our children have become with the climate lies they are fed day in and day out by the media and their teachers (see today’s companion post, Our Kids Have Been Radicalized with Climate Lies). However, there is something that can be done. Children are influenced by their teachers. And good teachers, when they have objective, compelling evidence presented to them, will in turn present that evidence to their students. Groups like Ohio Oil and Gas Energy Education Program (OOGEEP) are helping to turn the tide by training teachers about the oil and gas industry.
The constant drumbeat of lies fed to children from the time they are in pre-kindergarten through graduate school that the earth is catastrophically heating due to mankind (a completely false claim) is having an effect. Indeed, it has had a tragic effect–it has radicalized our kids to the point they are now willing to give up their freedoms and they are willing to engage in lawless acts of eco-terrorism, motivated by the belief that everyone on the planet will toast in the next ten years “if we don’t do something now.” It’s sick and it’s child abuse.
Last week both Pennsylvania and West Virginia issued permits to drill new shale wells. Ohio remained skunked for a sixth week in a row. What’s going on in Ohio? Or rather, what isn’t going on there? PA issued 15 new shale permits. Not to be outdone, WV also issued 15 new shale permits.
OTHER U.S. REGIONS: NM governor’s car gets 13 mpg as she demands state average of 52 mpg; Ida hit one of the country’s biggest oil and chemical hubs; INTERNATIONAL: Trudeau pledges tighter rules for oil cos.