Dramatic Budget Cutbacks in Marcellus Budgets for 2015
It’s not an understatement to say that drillers in Pennsylvania are in a fight for their very existence. Socialist Gov. Tom Wolf has convinced a great many PA residents in the state that it’s perfectly fine to steal money from drillers and landowners and redistribute it to Big Education. What Wolf and those who blindly follow him don’t realize is that Wolf’s nosebleed severance tax is the equivalent of a butcher knife to the neck of the goose laying Marcellus golden eggs–those eggs being jobs and current tax revenue. If Wolf & company pull the trigger on the tax, it will be catastrophic for the drilling industry in the state. Drilling is already decreasing–by huge numbers. Capital budgets for 2015 have been slashed–typically in one-third to one-half of 2014 levels. New drilling may all but stop with such a new tax–denying the tax and spend Democrats the revenue they seek “for the children.” What will they do then? The Marcellus Shale Coalition is blowing the trumpet to warn people of the coming train wreck that is Tom Wolf’s severance tax. One of the ways they are doing it is with an emailed newsletter called Marcellus Moments. Yesterday’s edition contains an excellent table showing Marcellus drillers and how much they’ve announced they are cutting back on their capital budgets for 2015. When you see it table form (below), it’s rather shocking. Do the Dems really think drillers will just keep on drilling when their already-squeezed profits disappear into a socialist tax black hole? Although the Marcellus is the biggest, it’s not the only shale play around. Rigs can be moved…
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For months now, since the announcements of who then Gov.-elect Tom Wolf would appoint in his new administration to head up environmental efforts at both the Dept. of Environmental Protection (John Quigley) and the Dept. of Conservation and Natural Resources (Cindy Dunn), MDN has called attention to the fact that both of those individuals are problematic based on their previous roles in the anti-drilling organization PennFuture. A third member of the Wolf administration is John Hanger, a previous Secretary at the DEP and an early member (supposedly founder) of PennFuture. All three once worked for Democrat Gov. Ed “Fast Eddie” Rendell and now are at the top of the power structure in Harrisburg working for Wolf. MDN friend and ace analyst Tom Shepstone rips the mask off PennFuture and exposes it for what it is in a new article published on his always excellent
PennFuture, the anti-drilling organization that has produced three top lieutenants in the PA Gov. Tom Wolf administration (see Ripping the Face off PennFuture & It’s Former Employees), frequently uses the court system in its attempt to slow or stop the Marcellus industry. One such case was a lawsuit PennFuture filed against Ultra Resources in 2011. Ultra had eight compressor stations scattered across Tioga and Potter counties–all of them many miles apart from each other. PennFuture tried to make the legal argument that all of the compressor stations should be combined together and treated as a single entity for the purposes of the federal Clean Air Act, which would have resulted in either very expensive equipment to reduce each facility’s nitrgen oxide (NOx) output, or perhaps closed some of them down to make the combined total come in under a certain threshold. PennFuture tried to say the eight facilities are “adjacent” for the purpose of the Clean Air Act. Ultra argued adjacent means “next to,” as in sharing a border. It all boils down to what the definition of adjacent means. Earlier this week U.S. District Court for Pennsylvania’s Middle District ruled in favor of Ultra and against PennFuture…
Charlie Schliebs is managing director of
Two weeks ago the hapless newly elected governor of Pennsylvania, Tom Wolf, introduced a new 7.5% severance tax plan to soak the Marcellus Shale industry in his state (see
Is Pennsylvania Gov. Tom Wolf an extortionist? Or is he just dumb? Last week, in response to a reporter’s question about his proposed severance tax and what might happen if it doesn’t pass the legislature, Wolf said this: “You know, the alternative is not really no tax… the alternative is no drilling – a ban as in the case of New York” (see 