Ernest Moniz: New England’s Zero Emissions Goal Requires NatGas
One of the things Ernest “Hair” Moniz (former Secretary of Energy under Barack Hussein Obama) did after leaving the government was to found a nonprofit clean energy think tank called The Energy Futures Initiative (EFI). EFI along with Energy and Environmental Economics (E3) has just released a report (below) which says, in part, natural gas will be needed to provide reliable energy supplies in New England, despite the region’s religious quest to “decarbonize.” This will not go down well with Bidenistas, especially if old Joe taps Moniz as his Secretary of Energy (as is being rumored).
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NATIONAL: Committee sends FERC nominees Christie, Clements to full Senate; U.S. governors are seeking to control foreign policy via state pipeline permits; Slumping refined-product demand, economics, and fire force refinery closures; Rare-earth elements: a national security crisis; If the weather outlook remains bearish, we could see $2.45 for January gas prices; INTERNATIONAL: Britain will ban gasoline cars in 2030. Why are experts not impressed?
Last December MDN told you about a second natural gas-fired power plant planned for Charles City County, Va. (near Richmond) being developed by C4GT (see 
On Monday we brought you the news that Gulfport Energy, the third-largest driller in the Ohio Utica Shale, had filed for bankruptcy over the weekend (see 
The Pennsylvania Senate previously passed and yesterday “concurred” (signed-off on) Senate Bill 790, sending it to Gov. Tom Wolf for his signature. SB 790 restores sanity to regulations for conventional oil and gas drillers in the Keystone State. Unfortunately, Gov. Wolf has stubbornly said he will veto this common sense bill. Why are we not surprised?
Yesterday Rising Phoenix Royalties (RPR) announced it has purchased the future royalty payments from a landowner in the Utica Shale, in Monroe County, OH. This acquisition is RPR’s third Marcellus/Utica transaction this year.
An interesting week for permits. Last week Pennsylvania issued just 2 new shale well drilling permits after having issued 3 the week before (lowest numbers we’ve seen). Ohio, which has not issued many permits in recent months, was on fire last week with 17 new shale permits! West Virginia issued just 1 new shale well permit.
Deep Well Services (DWS), headquartered in Butler County, PA, is living up to the company name. DWS is one of our favorite oilfield services companies, born right here in the Marcellus/Utica. DWS specializes in “snubbing” work–completing those super-long laterals you read about. Earlier this year the company drilled three more record-breaking wells–the longest onshore wells ever drilled in the world! The current record-holding well drilled by DWS, completed just last quarter, is located in…
New England “doesn’t produce a barrel of crude oil, a gallon of NGLs, or a cubic foot of natural gas.” All of the considerable quantity of fossil fuels the region uses for energy must be brought in–by pipeline (very few pipelines), truck, ship, or rail. Propane is one of the primary heating fuels used in New England. Guess where the region’s propane comes from, and how it gets there?
Once again the price of natural gas traded on the Henry Hub in south Louisiana, the NYMEX December futures contract, has tanked. The price fell $0.30 yesterday to close at $2.70/Mcf. There were two primary reasons why: (1) The U.S. Energy Information Administration (EIA) released a storage report last Friday showing storage levels are near record-highs (too much supply), and (2) longer range weather models show temps staying warm (not enough demand).