Cartoon Of the Month
Hats off to the Appalachian Basin and the mighty Marcellus gas play, to the 100 years, or more, of supply it has assured Americans it can provide, and particularly to this fella, the CEO of the largest tight gas producer from the APP Basin, EQT Corporation, for his continuous campaign to increase LNG exports from the US, while domestic prices soar and the American consumer suffers.
We are a little unclear why APP Basin gas, and LNG, is more "green" than say, Qatar's natural gas and LNG, or Western Australia's natural gas and LNG...does "green initiative" have anything to do with debt? EQT has $13.6B of total liabilities, including $4.6B of long term debt... so we're just wondering.
Below, its always kinda fun to see what these CEO's make every year for throwing America under the bus, and how much they pay their hands. It more or less gives some insight into why these guys are so intent on draining America first. One of the many so called "benefits" to America regarding oil and gas exports is suppose to be all the high paying jobs it supports. Below, we only see one.
Grandma has to pay three times Henry Hub posting in Minneapolis to stay warm, by the way, but she'll have to get over all this LNG export stuff, won't she? So will the mighty American industrial complex that has had a distinct advantage over the rest of the world because of cheap, abundant American natural gas. They'll get over much higher costs, because of exports, by raising costs to the consumer.
On another matter, the EIA reports that US tight oil exports have averaged 4.0 MM BOPD the past two weeks, just about all of that coming from the Permian Basin. Remember, there's nothing else to do with it in America, refineries can only absorb about 4.8MM BOPD. As tight oil production increases, exports have to increase and, once again, the American consumer sees little benefit in watching its natural resources sail off into the sunset.
Diesel prices in the US rose to $5.51 per gallon the week of May 2, 2022, so says the EIA. Nobody is going to get over THAT anytime soon, I assure you. If you think you might...go buy the groceries for the week. You freaking won't believe it.