Wells Fargo Bank #1 Fossil Fuel Lender – $28B in Deals Last Year
It seems that every post we write about banks with respect to fossil fuels is about banks that have decided to stop lending and participating in loans made to fossil fuel companies. It’s time to start talking about the good guys–the banks that continue to make fossil energy loans. Sitting at the top of the list, according to the lefties at Bloomberg, is Wells Fargo Bank. In 2021 Wells Fargo put together (as “bookrunner”) some $28 billion of fossil energy deals. The bank is going great guns in 2022 too. It’s time to give Wells Fargo a great big “attaboy” for continuing to fund fossil fuel projects.
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We’re back to covering just a single week of new permits issued. The good news is that the PA DEP’s reporting site was still up and online over the past week, so we have numbers! In Pennsylvania, 11 new permits were issued last week, with Coterra Energy (formerly Cabot Oil & Gas) getting the lion’s share (nine permits), all of them in Susquehanna County on two well pads. Ohio issued seven new permits last week, with Gulfport Energy scoring four of the seven, all on the same pad. West Virginia issued just two new permits, one to Antero Resources and the other to Tug Hill Operating.
NATIONAL: New oil related billboard erected in Times Square; U.S. imports more petroleum products than crude oil from Russia; Biden is in climate denial; INTERNATIONAL: Assessing reliability of estimates of greenhouse gas intensity for crude oil; Oil market players struggling for answers; EU leaders to agree to jointly buy gas, LNG this year.
It’s always a sad day when radical Big Green groups win a victory over American energy. Such has happened with the New Fortress Energy (NFE) LNG plant proposed for Wyalusing in Bradford County, PA. Three Big Green groups challenged an extension for a permit previously issued for a new liquefaction facility proposed by NFE located in northeastern PA. NFE has caved and agreed that should it proceed with the project, it will need to file all over again and get a new permit–which doesn’t look likely.
One year ago, in March 2021, Eureka Resources announced plans to build a Marcellus Shale wastewater treatment facility in Dimock (Susquehanna County), Pennsylvania (see 
Drillers have their certification schemes to prove the natural gas they extract is “responsible”–meaning most if not all of the methane doesn’t leak as it’s extracted (see 
Since the beginning of Vladimir Putin’s unprovoked war of aggression against Ukraine, we’ve read a number of articles about how American energy can reduce the impact of Putin’s war by supplying Europe with oil and natural gas. However, one such article appearing on Fox Business stands above all the rest. It’s well written and makes a strong case that Pennsylvania, specifically, has a critical role to play in helping to defeat Putin’s war on Ukraine. That role is ramping up Marcellus Shale gas production.
You can’t quantify it. Heck, you can’t even actually prove it’s happening. But the U.S. Securities and 
William S. Scherman worked as general counsel (the head lawyer) for the Federal Energy Regulatory Commission (FERC) from 1990-1993, during the presidency of George H.W. Bush (the elder Bush). Scherman worked in FERC when Iraq invaded Kuwait. President Bush wanted options from FERC, asap, about what the agency could do to help alleviate an energy crisis being caused by madman Saddam Hussein. Sound familiar with what’s happening today? Back then FERC went on a “wartime footing” and relaxed rules that restricted the output of traditional and alternative electric generators and granted special permission for natural gas to be produced and transported flexibly and freely nationwide. Scherman says it’s time for FERC to go on wartime footing again.
You might think that Toby Rice, son of Daniel Rice III who was, at one time (for over a decade), the single most successful and profitable mutual fund manager in the world, was born with a silver spoon in his mouth. You might think that everything was given to Toby Rice on a silver platter. You would be wrong. Prior to running the largest natural gas producer in the U.S., Toby Rice was, among other professions, a chimney sweep (cue the song from Mary Poppins, Chim Chim Cher-ee). He then swept floors for $9 an hour while he attended grad school to learn about fracking. Toby knows what it’s like to work (hard) for a living.
In the early days of the Marcellus and Utica Shale, a number of studies and predictions were made about how the industry would bring tens of thousands of jobs and inject billions of dollars into state economies. In Ohio, a Cleveland State University (CSU) report issued in 2012 predicted that Ohio’s then-growing fracking industry would add 66,000 direct and indirect jobs and $5 billion a year to the state’s economy by the end of 2014 (see 
In May 2021 MDN told you that Louisville Gas and Electric Company (LG&E) had won Kentucky state approval to build a new 12-inch, 12-mile pipeline near Louisville to supply gas to 62 homes and businesses that can’t connect to LG&E’s local natgas utility system (see 
According to the Philadelphia Inquirer, refineries in the Greater Philly area are among the biggest importers of Russian crude oil in the U.S. President Biden recently slapped a ban on imports of Russian crude oil. So what happens to the Philly refineries that use it? Where will they get their oil from to keep operating?