Shale Gas News – May 29, 2021

Bill desRosiers
External Affairs Coordinator, Cabot Oil & Gas

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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 pipelines, carbon capture, NYS gas tax 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 replayed and interview we had with Bobby Maguire of Clinton County from May 8^th, 2021.

The Shale Gas News, typically, is broadcast live. On the May 29th show (click above), we covered the following new natural gas territory (see news excerpts below):

• Eric Nuttall: Why investors aren’t late to the oil party. Obscured in the fog of energy ignorance is a generational investment opportunity. Divested, shunned, and largely ignored, oil and gas stocks have fallen to valuations previously unheard of. With the backdrop of a multi-year oil bull market and an industry maniacally focused on returning capital to shareholders, I believe oil and gas stocks represent tremendous value with the potential to more than double over the coming years.
• America needs more oil and gas pipelines. At a time when gas prices are rising and our infrastructure is at risk of attack, a stronger supply network would stabilize this critical fuel. As employers begin to encourage a return to the office and families plan road trips, the average price of a gallon of gasoline is at six-year highs. In 2020, the average price of a gallon of gasoline in the U.S. was around $2.15, according to GasBuddy.com. Today, the average is around $3.04, a 41% increase. Gas price increases boost the cost of travel for everyone, but they make everyday essentials, such as groceries, more expensive, too.
• Lawmakers look to promote industrial carbon capture. Lawmakers are pushing bipartisan bills to tinker with key financing mechanisms for carbon capture and sequestration projects ahead of a vote today on a clean energy tax package.
• Bipartisan carbon capture bill would extend 45Q tax credit to all power plants. A bipartisan group of House lawmakers introduced a bill to amend the 45Q tax credit for carbon capture projects, increasing credit values for power plants and allowing all facilities to qualify for such tax benefits. The Coordinated Action to Capture Harmful, or CATCH, Emissions Act would provide industrial facilities and power plants $85/t of captured carbon permanently stored in saline geologic formations and $60/t for companies that store the gas after using it to extract fuel from oil and shale gas fields, according to a May 25 release.
• Guest Column: New York State proposes tax on gas, heating products. Recently I learned that a bill has been introduced in the New York State Assembly and Senate, that will dramatically increase the tax on gasoline and the tax on products used to heat our homes. The proposed law entitled “The Climate and Community Investment Act” (S4264A/ A6967) will do the following: • Increase the gasoline tax by 55 cents per gallon. The new total tax on gasoline in NYS will be 98 cents, which will be the highest the nation – 57 percent higher than the next highest state.  • Increase the taxes on natural gas, fuel oil and electricity. The New York Business Council estimates that the tax will raise the price of natural gas by 26 percent.
• Pa. Treasurer Garrity warns banks against divesting from fossil fuel companies. Pennsylvania Treasurer Stacy Garrity joined 14 other state treasurers this week in calling on the Biden administration to stop encouraging banks to cut off capital to oil, gas and coal companies.  At the same time, the treasurers warned banks that they may withdraw billions of dollars they control from financial institutions that will not lend money to fossil fuel companies.
• Ohio O&G Responds with Truth to Enviro-Lies of Thunberg, Hunkler. Anti-fossil fuel activist Jill Antares Hunkler (whom we had never heard of before) testified before the same House Committee on Oversight and Reform’s environment subcommittee that Swedish special needs child (and minor celebrity) Greta Thunberg testified before on Earth Day. The two (plus others) peddled the same tired lies they always peddle about fossil fuels in general, and the Ohio shale gas industry in particular. A member of the Ohio O&G industry is standing up to challenge their lies.

The Shale Gas News sponsored by Linde Corporation