Natural gas now picks of the week – may 19, 2018natural gas now electricity vampires

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The shale revolution has dramatically increased the availability and lowered the price of natural gas used by Pennsylvanians, while also making the Commonwealth the second largest producer of the stuff (after Texas). This has put ever more money in the hands of everyday consumers:

UGI said it is required to file its gas cost rates annually for review with the PUC and may adjust these rates quarterly to reflect changes in wholesale natural gas prices. By law, utilities cannot earn a profit on the natural gas commodity portion of a customer’s bill. Utilities are required to pass the cost of the natural gas they purchase directly through to customers without any markup.

Since the beginning of the shale revolution in 2007, when UGI had to raise rates that took the typical monthly cost for Reading users to $137.42, consumers will, by December, have seen their bills decrease by $68.06 or approximately 50%. Add in inflation and it’s more like 60% at a minimum. Overall, the savings for the typical Reading area residential gas consumer is $800-900 per year and that’s before considering inflation or the reduced costs of electricity wrought by the shale revolution. Bad News for Green Energy Lovers: U.S. Oil and Gas Are Booming

That news came just a few days after the company announced dreadful first-quarter financial results. As usual, the company posted a huge loss (nearly $785 million) and the company’s CEO, Elon Musk, promised that Tesla will soon — really soon, and he means it this time — begin churning out Model 3 cars by the thousands.

As my colleague at the Manhattan Institute, Mark P. Mills, has noted, the shale revolution has turned the US into an energy superpower. The combination of horizontal drilling, hydraulic fracturing and other technologies, he says, has resulted in “the fastest and biggest addition to world energy supply that has ever occurred in history.”

That’s an increase of about 32.5 billion cubic feet per day, which is equivalent to about 5.5 million barrels of oil per day. Thus, over the past decade, US oil and gas output has jumped by about 10.5 million barrels of oil equivalent per day.

This surge in hydrocarbon production has resulted in huge benefits to the US economy. Over the past half-decade, foreign and domestic companies have invested about $160 billion in new chemical-manufacturing facilities in the United States. A 2016 study by IHS found that lower natural-gas prices have created about 1.4 million jobs and increased disposable income by about $156 billion.

Tesla and its SolarCity subsidiary are a fiasco, a boondoggle, a continuing scam perpetrated on the public by a trendy, smooth talking snake oil salesman who’s achieving little or nothing other than grabbing billions from taxpayers while the shale revolution has remade the the world and put the U.S. on top again.

Asked about such plants, Cuomo said, “I have not approved any new ones, and I won’t.” Several power plants, including the CPV plant in Orange County and the Cricket Valley power plant in Dover, NY have in fact been approved on Cuomo’s watch. The governor was clear in saying that these plants conflict with the state’s climate goals, adding: “We’re not building any new ones.”

After the exchange, activists pledged to hold Governor Cuomo accountable to his new commitment to reject new fracked gas power plants. “The age of fossil fuels is over, and it’s exciting to hear Governor Cuomo commit to reject new fracked gas power plants. Since he acknowledged that fracked gas plants conflict with New York’s climate goals, Governor Cuomo should rescind existing permits for power plants like CPV and Cricket Valley as well. The governor can rest assured the climate movement will hold him to his words,” said Laura Shindell, an organizer with Food & Water Watch.

It appears Governor Corruptocrat, no longer able to secure graft for “his brother” Joe Percoco from power plants, has decided to say the hell with them and throw his lot completely in with the very skeptical socialists at Food & Water Watch. This completes there capitulation of Cuomo—crafty but certainly not smart—to the special interests who would send New Yorkers into blackouts and their electric rates to the moon. His corruption is now fully revealed as he throws even the semblance of reason to the wind and goes with the ideology. It is either an utterly astounding case of stupidity (has no one informed him his solar and wind farms need backup power?) or, more likely, a craven sellout of the facts and their implications for a handful of votes. This is Andrew Cuomo.