Big Banks Object to Being Outed by WV as Fossil Energy Haters
All six Big Banks (and investment firms) on the West Virginia blacklist of companies pressuring investors to avoid fossil energy companies are objecting to being included on the WV blacklist. One month ago WV State Treasurer Riley Moore sent a letter to six big banks/investment firms alerting them they are about to be added to the state’s “blacklist” for violating policies by not investing or doing business with fossil fuel companies (see WV Threatens 6 Banks for Breaking State Anti-Fossil Fuel Law). The dirty six had 30 days to respond. All six (named below) responded by claiming they don’t hate fossil fuels. Liars.
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We’re catching up the permits issued report, but not for last week. This report is for permits issued two weeks ago–June 27 through July 3. The numbers increased from the prior week (27) to 35. Pennsylvania issued the lion’s share of new permits, 25, with most of them going to Olympus Energy (12 permits in Washington County), and a significant number going to a name we’ve 
Yesterday the U.S. Supreme Court delivered a 6-3 decision in West Virginia v. EPA that changes everything. It’s hard to overstate just how important the court’s decision is. West Virginia Attorney General Patrick Morrisey and the attorney generals from 18 other states sought to limit the federal Environmental Protection Agency (EPA) and its misinterpretation of the so-called Clean Air Act in order to regulate carbon dioxide (CO2) emissions from power plants. The court ruled in favor of WV against EPA, meaning EPA cannot regulate coal- and natural gas-fired power plants out of existence, as it was seeking to do. Let’s all revel in this MAJOR victory!
Using data from several government agencies, the Gas and Oil Association of West Virginia, Inc. (GO-WV) published its annual Gas Facts report earlier this week. Natural gas production in WV increased 6% to approximately 2.7 trillion cubic feet (Tcf) in 2021. The increase in production helped drive a 10% increase in state severance and local property taxes collected.
Tug Hill Operating is focused on acquiring, exploring, developing, and producing oil and natural gas in the onshore U.S. with a primary focus on the Marcellus Shale in the Appalachia Basin (Southwest Appalachia in West Virginia, and Northeast Appalachia in Pennsylvania), Eagle Ford Shale in South Texas, Niobrara Shale in the Rockies region, and other select basins and formations. According to sources speaking with Reuters, Tug Hill is looking to divest its West Virginia assets for $5 billion.
Columbia Gas, a subsidiary of Canada-based TC Energy (formerly TransCanada), wants to build a tiny 3.37-mile, 8-inch pipeline under the Potomac River from Maryland to West Virginia. The Eastern Panhandle Expansion, as it is called, is being blocked by the lefties in Maryland (see 
Last month MDN brought you the news that Joe Biden is renominating Richard “Dick” Glick to serve yet another undistinguished term at the Federal Energy Regulatory Commission (see 
It appears the wind has gone right out of the sails when it comes to issuing new permits for shale drilling in the Marcellus/Utica. For the week of May 23-29, only six new permits were issued. Four of the permits were issued in Pennsylvania, two in West Virginia, and none in Ohio. This is the lowest number in a single week we’ve seen in maybe forever. A measly, lousy six permits!
The largest private investment in the state of West Virginia in history, not to mention the largest investment for the company making it, Nucor Steel, is happening because of abundant, cheap, Marcellus/Utica natural gas. Nucor is building a $2.7 billion new sheet steel mill in Mason County, WV, largely due to locally sourced and affordable energy.
The Bidenistas at the Dept. of Interior breathlessly announced the agency is (finally) releasing $33 million to plug 277 orphaned oil and gas wells across the country located on federal lands. The average price per plugging is $119,000. Spending $33 million to plug wells on federal lands is chump change compared to the $4.7 billion allocated for plugging old wells under the so-called Biden infrastructure bill. Why is the government paying $119K to plug wells that normally cost maybe $50,000 to plug? We’ll answer that question with another question. Why does the government pay $400 for a hammer it could buy at Lowes for $18?