Shale Gas News – August 13, 2022

shale gas news
Shale Gas NewsBill desRosiers
External Affairs Coordinator, Coterra Energy
Host, Shale Gas News

The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM, 1600 AM, 104.1 FM and Sundays on YesFM, talked about Inflation Reduction Act, high energy prices, methane fees and much more last week.

The Shale Gas News has grown again to the Williamsport area on stations WEJS 1600 AM & 104.1 FM. The Shale Gas News is now broadcasting in Bradford, Lackawanna, Lancaster, Lebanon, Luzerne, Lycoming, Pike, Sullivan, Susquehanna, Tioga and Wayne Counties, as well as in greater central PA and now the Williamsport area. The Shale Gas News is aired on Saturday or Sunday depending on the station.

Every Saturday Rusty Fender, Matt Henderson and I host a morning radio show to discuss all things shale gas. This week we played a podcast from Energy Thinks with Tisha Schuller with Toby Rice, president and CEO of EQT, click here to listen.

Shale Gas News

The Shale Gas News, typically, is broadcast live. On the August 13th show (click above), we covered the following new natural gas territory (see news excerpts below):

  • Oil Output in US Set for Record 2023 Despite Slowing Growth. US oil production remains on track for a record 2023 even as output grows more slowly than anticipated amid surging costs and labor shortages in America’s shale fields. Output is expected to expand at an average rate of 840,000 barrels a day next year, down from a prior forecast of 860,000, according to the Energy Information Administration. While production is still seen reaching an all-time high in 2023, the government revised its forecast slightly lower to 12.7 million barrels a day.
  • U.S. oil refiners, pipeline companies expect strong demand for rest of 2022. U.S. oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, even though analysts and industry watchers have worried that demand could falter if the global economy enters a recession or high fuel prices deter travelers. The company outlooks suggest a stronger view than recent data showing weakness in U.S. fuel demand, particularly in gasoline, where consumption recently hit its lowest level since February even though this is the middle of the peak summer driving season.
  • U.S. oil and gas industry: 10 actions to reduce high energy prices that won’t cost taxpayers $740 billion. Rather than impose higher taxes and more restrictions on domestic production of oil and natural gas, as Senate Democrats voted to do by passing the Inflation Reduction Act, those in the industry proposed 10 actions policy makers can take right now to reduce costs. The industry says its solutions won’t cost taxpayers $740 billion, as the Inflation Reduction Act does, or increase the national debt or inflation, as 230 economists have warned the act will do.
  • ‘The Little Guys Get Swept Up’: Taxes In Senate Dems’ Climate Bill Threaten Independent Oil, Gas Producers. The proposed new taxes and fees on energy firms in the comprehensive climate package passed by Senate Democrats on Sunday may make life impossible for many independent U.S. oil and gas producers, according to industry experts. The “Inflation Reduction Act” includes a methane emissions charge that will be the first direct federal charge or tax on methane emissions. Furthermore, the act doubles rental fees on onshore leases, imposing a new fee to nominate land to be leased, and increases onshore royalty rates to nearly 17% from 12.5% under the previous administration.
  • Conceding to Manchin, U.S. climate bill exempts most oil industry from methane fees. The U.S. Senate climate bill’s fee on oil and gas industry methane emissions will cover less than half the sector’s releases of the powerful greenhouse gas, thanks to concessions made to win over party holdout Joe Manchin, according to a review of the legislation and interviews with lawmakers that negotiated it. The reduced scope of the fee is among numerous changes made by Senate Democratic leadership to secure a deal on the hard-won Inflation Reduction Act, which is being hailed as the biggest climate package in U.S. history but which pales in comparison to President Joe Biden’s initial vision for legislative action on global warming.
  • Gas Prices in the U.S. Fall Below $4 a Gallon. After peaking in June, they are back where they were in March, offering some relief to consumers and policymakers amid inflation worries. Gas prices in the United States fell below $4 a gallon on Thursday, retreating to their lowest level since March, a sign of relief for Americans struggling with historically high inflation and a political boost for President Biden, who has been under pressure to do more to bring down prices.

The Shale Gas News sponsored by Linde Corporation

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