Biden’s “Revised” $1.75T Budget Bill Still Targets Oil & Gas
America was founded as a free country on the principles and ideals that a free citizenry that is free to work and invest and spend as they see fit, with a minimum of interference by the government, is the best way to run a country. The current Democrat Party no longer holds to those principles and ideals. Joe Biden is attempting to put the government in control of all energy production and choices across the country, something they call climate progressivism. As Biden and the Dems attempt to remake the energy industry in our country, they are destroying the country economically. We’re not the only ones who think so. Dan Eberhart, CEO of Canary, LLC (oilfield services company), thinks so too.
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American Petroleum Institute (API) president and CEO, Mike Sommers, recently testified before the U.S. House Committee on Oversight and Reform to discuss the natural gas and oil industry’s priorities and API’s ludicrous support for so-called pricing carbon (i.e. a huge carbon tax), support for regulating methane (into oblivion), all while still trying to reliably produce American energy. Those priorities are irreconcilably impossible, but, whatever. The thing that really irked us was that Sommers obsequiously genuflected to the global warming gods during the hearing.
It was a pretty paltry week for new shale drilling permits in the Marcellus/Utica. Two weeks ago Pennsylvania issued 21 permits to drill new shale wells. They must have shot their wad because last week PA issued just two new permits–the lowest number in PA we’ve seen in…we can’t remember how long. Ohio issued no new permits for Utica drilling last week…zero…goose egg. Only West Virginia held out some promise, issuing seven new permits for shale drilling last week.
MARCELLUS/UTICA REGION: EQT donates $220,000 to local first responders; NATIONAL: U.S. consumption and production of natural gas decreased while exports grew in 2020; Top-of-the-line U.S. drilling equipment ‘essentially sold out,’ says Patterson-UTI; Sorry, President Biden, this is not OPEC’s fault; Top U.S. oil firms crank up shale output after cashing gains; INTERNATIONAL: BlackRock draws $673M to fund climate infrastructure projects; Russia says it’s not weaponizing its gas exports. Really?; China binges on U.S. gas to manage energy shortage, carbon footprint.
The federal Environmental Protection Agency, the left’s favorite tool to undermine the U.S. Constitution, is attempting to do just that–undermine the Constitution. Today the EPA is floating a massive new regulation that seizes control of oil and gas drilling (and pipelines) away from the individual states, as provided for under the Constitution, and centralizes control in Washington, D.C. under the EPA. How? By forcing a one-size-fits-all regulation on so-called fugitive methane emissions that all states must comply with.
Seems like everybody is getting “responsible” all of a sudden. Over the past year, we went from nobody hearing of “responsibly sourced gas” (RSG) to now almost everyone clamoring to hop onto the RSG bandwagon. At least that seems to be the case here in the Marcellus/Utica. The nascent RSG movement is rapidly developing. By our count, there are four independent organizations/programs that certify parts of the natural gas industry and provide a certification that gas is responsibly produced and/or sourced. So far there have been at least seven (maybe more) major M-U drillers and several M-U pipeline companies to sign on for RSG certification. We try to make sense of the RSG landscape below…
Last week six U.S. Senators (five of whom from major energy-producing states) introduced a series of three bipartisan bills aimed at encouraging the development of hydrogen energy infrastructure. Sen. John Cornyn, a Republican from Texas, was one of the sponsors and promoters. So too was Chris Coons, far-left Democrat from Delaware. That shows the range of support for efforts to help goose hydrogen use in this country.
Last week MDN told you the news that EQT Corporation has sold part of its reserve capacity along the Mountain Valley Pipeline (MVP) to “an undisclosed investment-grade entity for six years” (see