April STEO – U.S. Electric Use to Hit New Record High in 2024/25
Once a month, the analysts at the U.S. Energy Information Administration (EIA) issue the agency’s Short-Term Energy Outlook (STEO), their best guess about where energy prices and production will go in the next 12 months or so. We sometimes poke good-natured fun at the EIA because their predictions go up in one month, and in the next month, they go down, etc. What about the latest STEO dart board, published on Tuesday? EIA predicts the average spot price for natural gas will be $2.20/MMBtu in 2024. That’s down significantly (17%) from the $2.65 it predicted just two months ago in February’s report (see EIA Predicts NYMEX Henry Hub to Average $2.40/MMBtu in Feb/Mar). EIA says the average spot price for gas will hit $2.90 in 2025. Still way too low, in our opinion, but moving in the right direction. On the shorter-term horizon, EIA believes the spot price will average under $2 for the second quarter. No duh! It hasn’t been above $2 since January!
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With the rapid increase in carbon capture and sequestration (CCS) projects around the country, including right here in the Marcellus/Utica region, a key issue has arisen. Where does one store (sequester) all that carbon dioxide (CO2)? The answer is underground in a Class VI injection well. Class VI wells are a relatively new classification for injection wells, created by the federal EPA in 2010. Earlier this week, the Pennsylvania State Senate took the first step in establishing a framework that allows for the underground storage of CO2 in the Keystone State.
A large swath of rational-thinking people on Planet Earth reject the apocalyptic pronouncements of the left that the planet is burning to a cinder due to human activity. It’s a problem for leftist thugs who aim to control us. They try to use fear, but the threat that the planet is doomed if we don’t end the use of fossil fuels by 2050 (26 years away) is just too nebulous for most folks. That’s half a lifetime for some! So, the lefties become more shrill over time. And now, the United Nations Climate Chief, Simon Stiell, has taken it to its logical extreme. In a speech at the Chatham House think tank in London delivered yesterday, Stiell said, “We have exactly two years to save the world.”
Just over a year ago, MDN brought you the news that two lawyers, one from Public Citizen’s climate program and the other a professor at George Washington University Law School, had written a paper to be published in the Harvard Environmental Law Review that claims if there’s a NATURAL disaster, like a flood or hurricane or big snowstorm, and if people die in that event, governments and prosecutors can sue Big Oil, holding Big Oil criminally negligent for homicide (see 
MARCELLUS/UTICA REGION: Shapiro lurches left, Fetterman goes ‘unwoke’; OTHER U.S. REGIONS: Texas man makes millions repairing oil rigs; NATIONAL: How much time do we have?; Dems bash GOP proposal linking natgas exports to Ukraine aid; INTERNATIONAL: Oil rises after news of imminent strike on Israel; Can Iran survive war with Israel?; European gas prices through next year rise on persistent risks; PetroChina to build up its LNG fleet and expand global trade; Suing Big Oil is becoming a lucrative business.