Fed Judge Certifies Class Action Investor Lawsuit Against ME2 Pipe
In January 2020, the retirement systems for public employees of various municipalities, including the Allegheny County (PA) Employees’ Retirement System, filed a lawsuit against Energy Transfer and subsidiary Sunoco Logistics alleging top management made false and misleading statements about the construction of three Mariner East 2 and the Revolution natural gas pipeline projects in Pennsylvania. The lawsuit alleges because of those statements, the share price of their stock fell, and investors lost a boatload of money. In April 2021, the lawsuit survived a motion to dismiss by Energy Transfer (see Fed Judge Allows Investor Lawsuit Against ME2 Pipeline to Advance). Yesterday the same federal judge who allowed the case to continue in 2021 certified the case to be converted into a class action. Let the (legal) sharks begin to feed…
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Just when you thought you’d seen it all from the Communist left in this country (i.e. the Sierra Club and their foreign-backed affiliates), along comes another breathtaking attack. The Clubbers and their minions have filed a petition with the Bidenista-controlled EPA (Environmental Protection Agency), asking the EPA to classify natural gas and fuel oil furnaces throughout the country as a “Source Category” subject to emissions rules under the federal Clean Air Act, which is a clever way of saying the sale of new fossil energy furnaces used in homes and businesses should be banned on the assumption they cause pollution that violates the Clean Air Act.
If you live in Pennsylvania and listen to (or read) the media at all, you have likely heard about Senate Bill 106. The “short title” for the bill is this: “A Joint Resolution proposing separate and distinct amendments to the Constitution of the Commonwealth of Pennsylvania, providing that there is no constitutional right to taxpayer-funded abortion or other right relating to abortion; further providing for action on concurrent orders and resolutions, for Lieutenant Governor and for qualifications of electors; and providing for election audits.” Yeah, not so short. The bill is aimed at amending the PA Constitution to cover several important issues.
The Freeport LNG export facility, located in Quintana Island, Texas, has been offline since June due to an explosion and fire. Liquefying just over 2 Bcf/d (billion cubic feet per day) of natural gas, including some Marcellus/Utica gas, Freeport is the second largest LNG exporter in the country. Three weeks ago, Freeport announced the plant would be mostly back online and producing 2 Bcf/d sometime in October (see 
Revenue, free cash flow, and even profitability for Marcellus/Utica drillers (in fact, pretty much all oil and gas drillers) were through the roof in the second quarter of 2022. Rising oil prices and surging natural gas realizations drove per-unit revenues to a 15-year high. Almost all of the extra money coming in went to the bottom line. What about the third quarter that we’re now in? RBN Energy reports “clouds are emerging on the horizon for U.S. E&Ps in the third quarter.” What clouds?
The number one source of electric generation in the United States is natural gas. Contrary to renewables zealots who blabber on about how wind and solar are taking over in generating electricity, the reality is far different. Natural gas, and coal, and even oil (i.e. fossil fuels) continue to be THE dominant source of fuel to generate electricity. Natgas has been and remains #1, king of the hill. And natgas’ role GREW in July, according to the Biden-controlled U.S. Energy Information Administration (EIA).
The recently-adopted Manchin-Schumer so-called Inflation Reduction Act (IRA), which is a toned-down version of the Build Back Better/Green New Deal proposal of last year, is supposed to save Mom Earth from toasting to death. That’s what all the Big Green groups and Democrat politicians say. You could hear a collective sigh of relief that Joe Biden has saved the planet. The reality? When you plug the numbers into the United Nations climate model to measure the impact on global temperature by 2100, you find that the Manchin-Schumer bill, in the most optimistic scenario, will lower worldwide temperatures by 0.028 degrees Fahrenheit. In other words, it doesn’t lower temps AT ALL. What the new law does do is transfer hundreds of billions of dollars of taxpayer money to corporate Democrat cronies in the renewable sector. It’s sickening.
MARCELLUS/UTICA REGION: John Fetterman proposes prosecuting oil executives for high gas prices; OTHER U.S. REGIONS: Ex-Chesapeake CEO becomes Continental president; Texas O&G upstream jobs topped 200,000 in July, first time since March 2020; INTERNATIONAL: Russia LNG plant scraps cargo to Asia buyer.