Team Biden has announced a ‘pause’ in approving new LNG export facilities. Note that Climate Czar John Kerry has departed that post to join the Biden re-election campaign. Perhaps he learned something by losing to George W. Bush. John Podesta has replaced him. Recall Podesta was the one telling Obama he didn’t need Congress, he could rule by Executive Order. It was Podesta who suggested the pause in approvals. No doubt this is an ‘atta boy’ to Biden’s Climate Lobby.
But Team Biden has approved 13 new LNG facilities which would double exports. This will amount to 47.6 billion cubic feet of gas per day (bcf/d). Projects with a capacity of 22.16 bcf/d have not started construction in 2023. And contracts will have to be completed to acquire that much gas to export.
Hold on Climate Lobbyists. If the pause becomes a stop (read post-election if Biden wins) that means more contracts for older facilities. It also means massive uncertainty about attracting capital for any new LNG project. Using older less efficient facilities would cause more pollution than if the newer facilities were utilized. But remember Team Biden opposes all things fossil fueled. This is the gang that is coming for your gas stove, washer, dryer, and who knows what they have in mind for the millions of sun belt air conditioners.
By the way Texas Oil and Gas paid the state $26.3 billion in taxes in 2023. 99% of that money went to the Permanent School Fund and the Permanent University Fund. The latter benefits UT and A&M system schools.
Meanwhile the EPA has mandated new methane rules. The Texas Railroad Commission has asked Attorney General Ken Paxton to sue the Feds over these rules which came out of the COP28 climate summit.
See how this works? The Oil and Gas Industry promotes natural gas as a better alternative to coal. The Climate Lobby claims the pipelines leak so much natural gas they are just as bad as coal. The new rules squeeze out smaller operators who cannot afford to produce older wells. It’s a gradual process where EPA keeps winning and Texas is still in danger of eroding its mammoth energy industry.
The NDX tech index has registered an island reversal this week. Prices gap up, trade at a new high, and then gap down. Meta declared its first ever cash dividend which jumped its share price some 14%. Tesla’s stock price is in decline along with demand for EVs.
As a final thought the Libertarians propose having None of the Above on the ballot. If None wins, all other nominees are out in this election cycle and new ones can enter. This simple substitution would solve the public dislike for the current front runners, what have we got to lose?
