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ACC PM 11/30/2018
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(ACC Mentioned) Neville Rodie & Shaw Trimmed Its Norfolk Southern (NSC) Stake; Brookside Capital Management Has Lowered Biomarin Pharmaceutical (BMRN) Stake
Nov 30, 2018 | En Digest
By Rhonda Roth
Neville Rodie & Shaw Inc decreased Norfolk Southern Corp (NSC) stake by 4.23% reported in 2018Q2 SEC filing. Neville Rodie & Shaw Inc sold 4,065 shares as Norfolk Southern Corp (NSC)’s stock rose 15.46%. -
EPA Announces First Public Meetings of TSCA SACC
Nov 30, 2018 | National Law Review
By Lynn L. Bergeson and Margaret R. Graham
On November 29, 2019, the U.S. Environmental Protection Agency (EPA) announced that it has scheduled the first public meetings of the Toxic Substances Control Act (TSCA) Science Advisory Committee on Chemicals (SACC). -
U.S., Canada Seen as Top Spots for Oil, Gas Dealmaking in 2019
Nov 30, 2018 | Natural Gas Intelligence
By Carolyn Davis
Most global oil and gas executives expect to make deals to buy or sell assets in 2019, nearly 10% above the global average, with most of the activity likely to be in the United States, spurred by onshore transactions, and in Canada, according to a recent survey. -
Oil and Gas Flow to Texas Coast Spawns Building, Tensions
Nov 29, 2018 | The Washington Post
By Jamie Smith Hopkins
To the east, the Gulf of Mexico stretches out, blue-green and sparkling. To the west and north, flounder and trout meander in a chain of bays. -
U.S. Natural Gas Exports to Mexico Hit New Record
Nov 30, 2018 | Houston Chronicle
By Sergio Chapa
U.S. natural gas exports to Mexico hit a new record amid sagging production south of the border. -
State Department to Start New Keystone XL Environmental Review
Nov 30, 2018 | Politico Pro
By Ben Lefebvre
The State Department said today it will start preparing a new environmental impact review for the Keystone XL pipeline to comply with a court ruling that halted work on the controversial oil project. -
Oil And Water: Finding New Uses For Fracking Waste Water
Nov 30, 2018 | Huffington Post
By Rebecca Beitsch
Fracking requires a huge amount of water, a major concern in dry Western states that otherwise welcome the practice. But New Mexico thinks it can mitigate that problem by pushing oil companies to treat and recycle fracking waste water for use in agriculture — or even as drinking water. -
Shale Patch Expected to Cut Budgets for 1st Time Since Crash
Nov 30, 2018 | E&E Energywire (via Bloomberg)
By Kevin Crowley
Shale explorers will likely cut spending budgets next year for the first time since the last price crash as crude spirals down again, analysts said. -
Exxon Will Use Wind, Solar to Produce Crude Oil in Texas
Nov 30, 2018 | E&E Greenwire (via Bloomberg)
By Christopher Martin and Kevin Crowley
Exxon Mobil Corp. will use renewable energy to produce oil in West Texas. -
EPA to Boost Mandate for Some Biofuels: Report
Nov 30, 2018 | The Hill - E2 Wire
By Timothy Cama
The Environmental Protection Agency (EPA) is planning to increase the federal mandate for certain biofuels. -
Calif. Regulators Question PG&E's Safety Commitment
Nov 30, 2018 | E&E Greenwire (via Associated Press)
By Paul Elias
California regulators yesterday ordered Pacific Gas & Electric Co. to improve its "safety culture" after questioning the safety qualifications of top executives. -
5 Get Prison After Explosion of Dumped Military Munitions
Nov 30, 2018 | E&E Greenwire (via Associated Press)
A federal judge yesterday ordered $34.8 million in restitution from the owner of a company that committed what a prosecutor calls the nation's worst-ever dumping of military explosives — a case stemming from a huge 2012 munitions blast. U.S. District Judge Elizabeth Foote also ordered David Alan Smith to spend four years and seven months in prison. -
The U.S. Could Cut Emissions by 80 Percent for Less Than the 2018 Federal Budget
Nov 30, 2018 | Huffington Post
By Chris d'Angelo
It’s no secret where the Trump administration stands on studying and combating climate change: “We’re not spending money on that anymore,” Mick Mulvaney, director of the Office of Management and Budget, said at a White House briefing last year. “We consider that to be a waste of your money to go out and do that.” -
EPA Watchdog Closes 2 of the Many Probes into Former Chief Scott Pruitt
Nov 30, 2018 | Huffington Post
By Nick Visser
The Environmental Protection Agency’s inspector general’s office has closed two of its investigations into former Administrator Scott Pruitt, saying it couldn’t complete them because he resigned before he was able to talk to investigators.
Industry and Association News
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Environment News
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Nov 30, 2018 | En Digest
By Rhonda Roth
Neville Rodie & Shaw Inc decreased Norfolk Southern Corp (NSC) stake by 4.23% reported in 2018Q2 SEC filing. Neville Rodie & Shaw Inc sold 4,065 shares as Norfolk Southern Corp (NSC)’s stock rose 15.46%. The Neville Rodie & Shaw Inc holds 92,111 shares with $13.90M value, down from 96,176 last quarter. Norfolk Southern Corp now has $45.87 billion valuation. The stock increased 0.34% or $0.57 during the last trading session, reaching $168.44. About 1.74M shares traded. Norfolk Southern Corporation (NYSE:NSC) has risen 40.63% since November 30, 2017 and is uptrending. It has outperformed by 25.01% the S&P500. Some Historical NSC News: 25/04/2018 – Norfolk Southern beats on revenue, still working to fix service; 25/04/2018 – Norfolk Southern 1Q EPS $1.93; 15/05/2018 – NORFOLK SOUTHERN CEO SQUIRES SPEAKS AT BANK OF AMERICA CONF; 24/04/2018 – Norfolk Southern declares quarterly dividend; 25/04/2018 – NORFOLK SOUTHERN 1Q EPS $1.93, EST. $1.77; 23/04/2018 – DJ Norfolk Southern Corporation, Inst Holders, 1Q 2018 (NSC); 25/04/2018 – NORFOLK SOUTHERN BOOSTS EXPECTED ANNUAL REPURCHASES TO $1.5B; 09/05/2018 – Norfolk Southern at Bank of America Conference May 15; 05/04/2018 – DOT STB: Case Title: NORFOLK SOUTHERN RAILWAY COMPANY–ABANDONMENT EXEMPTION– IN PRINCE EDWARD COUNTY, VA; 30/04/2018 – Norfolk Southern receives American Chemistry Council award as industry-leading partner in responsible chemical transport
Brookside Capital Management Llc decreased Biomarin Pharmaceutical Inc (BMRN) stake by 31.22% reported in 2018Q2 SEC filing. Brookside Capital Management Llc sold 26,963 shares as Biomarin Pharmaceutical Inc (BMRN)’s stock rose 10.80%. The Brookside Capital Management Llc holds 59,389 shares with $5.59M value, down from 86,352 last quarter. Biomarin Pharmaceutical Inc now has $17.23B valuation. The stock decreased 1.89% or $1.86 during the last trading session, reaching $96.75. About 623,300 shares traded. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has risen 7.26% since November 30, 2017 and is uptrending. It has underperformed by 8.36% the S&P500. Some Historical BMRN News: 25/04/2018 – BioMarin Pharmaceutical 1Q Rev $373.4M; 24/05/2018 – BIOMARIN RECEIVES STANDARD APPROVAL FOR PALYNZIQ; 24/05/2018 – FDA OKS BIOMARIN’S PALYNZIQ FOR GENETIC DISEASE PHENYLKETONURIA; 24/05/2018 – BioMarin Receives Standard Approval for Palynziq™ (pegvaliase-pqpz) Injection for Treatment of Adults with Phenylketonuria (PKU), a Rare Genetic Disease; 24/05/2018 – BioMarin Pharmaceutical Gets Standard FDA Approval for Palynziq Injection for Phenylketonuria; 24/05/2018 – BioMarin Receives Standard Approval for Palynziq™ (pegvaliase-pqpz) Injection for Treatment of Adults with Phenylketonuria (P; 28/03/2018 – European Medicines Agency (EMA) Accepts BioMarin’s Marketing Application for Pegvaliase MAA for Treatment of Phenylketonuria (P; 28/03/2018 – European Medicines Agency) Accepts BioMarin’s Marketing Application for Pegvaliase MAA for Treatment of Phenylketonuria; 25/04/2018 – BIOMARIN STILL SEES FY LOSS $115M TO $165M, EST. LOSS $118.3M; 28/03/2018 – European Medicines Agency (EMA) Accepts BioMarin’s Marketing Application for Pegvaliase MAA for Treatment of Phenylketonuria (PKU)
Among 10 analysts covering Biomarin Pharmaceutical (NASDAQ:BMRN), 9 have Buy rating, 0 Sell and 1 Hold. Therefore 90% are positive. Biomarin Pharmaceutical had 13 analyst reports since May 31, 2018 according to SRatingsIntel. The rating was maintained by Wedbush with “Buy” on Friday, June 15. The stock of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) earned “Buy” rating by Canaccord Genuity on Tuesday, July 31. The stock of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) earned “Outperform” rating by Credit Suisse on Monday, July 9. The stock of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has “Overweight” rating given on Thursday, May 31 by JP Morgan. The company was maintained on Tuesday, October 23 by Canaccord Genuity. The company was maintained on Friday, August 3 by Stifel Nicolaus. The rating was maintained by Barclays Capital on Monday, August 6 with “Equal-Weight”. The rating was maintained by Wedbush with “Outperform” on Monday, August 6. Citigroup maintained the stock with “Buy” rating in Thursday, August 9 report. The firm earned “Buy” rating on Wednesday, November 28 by Cantor Fitzgerald.
Since June 11, 2018, it had 0 insider purchases, and 23 sales for $13.07 million activity. $96,935 worth of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares were sold by HERON ELAINE J. $201,068 worth of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was sold by LAWLIS V BRYAN on Wednesday, June 27. BIENAIME JEAN JACQUES sold $146,820 worth of stock or 1,500 shares. Shares for $687,954 were sold by BAFFI ROBERT. Mueller Brian sold $190,985 worth of stock or 2,021 shares. Shares for $420,365 were sold by LEWIS ALAN. Shares for $297,722 were sold by MEIER RICHARD A.
More notable recent BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) news were published by: Nasdaq.com which released: “Why Catalyst Pharmaceuticals Stock Is Sinking Today – Nasdaq” on November 29, 2018, also Nasdaq.com with their article: “Catalysts That Could Move Catalyst Pharma – Nasdaq” published on November 28, 2018, Bizjournals.com published: “Bayer to shift hemophilia drug manufacturing to Berkeley, won’t add jobs – San Francisco Business Times – San Francisco Business Times” on November 29, 2018. More interesting news about BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) were released by: Fool.com and their article: “BioMarin Keeps on Pace for Its $2 Billion Goal – The Motley Fool” published on October 31, 2018 as well as Prnewswire.com‘s news article titled: “BioMarin to Highlight Breadth of Innovative Development Pipeline at R&D Day on November 7th in New York – PR Newswire” with publication date: November 01, 2018.
Investors sentiment increased to 1.21 in 2018 Q2. Its up 0.25, from 0.96 in 2018Q1. It increased, as 30 investors sold BMRN shares while 118 reduced holdings. 57 funds opened positions while 122 raised stakes. 177.65 million shares or 1.83% more from 174.46 million shares in 2018Q1 were reported. Thrivent Financial For Lutherans invested in 0.1% or 335,124 shares. Wells Fargo & Com Mn holds 792,864 shares or 0.02% of its portfolio. Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Management stated it has 0.09% in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). 4,362 are owned by Gideon Capital Advsrs. Paloma Mgmt has 4,925 shares. The Missouri-based Scout Investments has invested 0.46% in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). 28,122 are owned by Eqis. Northwestern Mutual Wealth Management reported 1,051 shares or 0% of all its holdings. Asset One Ltd holds 0.06% or 282,051 shares. Allen Invest Management Lc holds 0.01% of its portfolio in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) for 2,154 shares. Tudor Inv Corporation Et Al reported 0.06% stake. Robeco Institutional Asset Mngmt Bv reported 3,164 shares or 0% of all its holdings. Comerica State Bank holds 9,531 shares or 0.01% of its portfolio. Keybank Natl Association Oh reported 10,695 shares. Natixis Advsr Limited Partnership accumulated 34,856 shares or 0.03% of the stock.
Brookside Capital Management Llc increased Honeywell Intl Inc (NYSE:HON) stake by 20,836 shares to 591,546 valued at $85.21 million in 2018Q2. It also upped Ball Corp (NYSE:BLL) stake by 1.93M shares and now owns 1.93M shares. Mirati Therapeutics Inc (NYSE:MRK) was raised too.
Investors sentiment increased to 0.8 in 2018 Q2. Its up 0.05, from 0.75 in 2018Q1. It is positive, as 40 investors sold NSC shares while 370 reduced holdings. 92 funds opened positions while 236 raised stakes. 194.66 million shares or 2.02% less from 198.67 million shares in 2018Q1 were reported. Noesis Capital Mangement invested in 0.09% or 1,588 shares. Proshare Advisors Ltd has 0.06% invested in Norfolk Southern Corporation (NYSE:NSC). Franklin Street Advisors Nc, a North Carolina-based fund reported 14,685 shares. Etrade Mgmt Lc owns 2,063 shares or 0.01% of their US portfolio. Marshwinds Advisory Co, Georgia-based fund reported 3,825 shares. Riverhead Mgmt Limited Liability Co reported 3,228 shares or 0.02% of all its holdings. First City Capital Mgmt owns 9,662 shares or 1.04% of their US portfolio. 3,534 are held by South State. The Washington-based Fisher Asset Limited Liability Co has invested 0% in Norfolk Southern Corporation (NYSE:NSC). 643 were reported by Kings Point Mngmt. Tnb Finance, a Georgia-based fund reported 3,990 shares. Wilbanks Smith & Thomas Asset Mngmt Lc invested 5.06% in Norfolk Southern Corporation (NYSE:NSC). 6,745 are held by Meiji Yasuda Asset Mgmt Limited. Mairs And Inc, a Minnesota-based fund reported 5,165 shares. Putnam Investments Ltd Liability Corporation has invested 0.55% in Norfolk Southern Corporation (NYSE:NSC).
Among 11 analysts covering Norfolk Southern (NYSE:NSC), 8 have Buy rating, 1 Sell and 2 Hold. Therefore 73% are positive. Norfolk Southern had 16 analyst reports since June 25, 2018 according to SRatingsIntel. Bank of America maintained Norfolk Southern Corporation (NYSE:NSC) rating on Monday, October 1. Bank of America has “Buy” rating and $187 target. The stock has “Hold” rating by Stifel Nicolaus on Thursday, July 26. The firm has “Buy” rating by Citigroup given on Monday, June 25. The firm has “Buy” rating given on Thursday, October 25 by Stifel Nicolaus. The stock of Norfolk Southern Corporation (NYSE:NSC) earned “Underweight” rating by Morgan Stanley on Tuesday, October 9. The rating was upgraded by Loop Capital to “Buy” on Wednesday, October 24. The stock of Norfolk Southern Corporation (NYSE:NSC) has “Neutral” rating given on Thursday, October 18 by Bank of America. Morgan Stanley maintained Norfolk Southern Corporation (NYSE:NSC) on Monday, October 29 with “Underweight” rating. The firm has “Buy” rating given on Tuesday, July 31 by Argus Research. The stock of Norfolk Southern Corporation (NYSE:NSC) earned “Neutral” rating by Robert W. Baird on Thursday, October 25.
Since August 13, 2018, it had 0 insider buys, and 3 sales for $6.41 million activity. Squires James Aalso sold $5.85M worth of Norfolk Southern Corporation (NYSE:NSC) shares. 801 shares valued at $138,216 were sold by Wheeler Michael Joseph on Wednesday, November 7. Earhart Cynthia C also sold $414,954 worth of Norfolk Southern Corporation (NYSE:NSC) shares.
Neville Rodie & Shaw Inc increased Royal Dutch Shell Plc Spon Adr stake by 31,375 shares to 64,603 valued at $4.69M in 2018Q2. It also upped Enterprise Prods Partners (NYSE:EPD) stake by 16,628 shares and now owns 169,643 shares. Visa Inc (NYSE:V) was raised too.
https://endigest.com/2018/11/30/neville-rodie-brookside-capital-management-has-lowered-biomarin-pharmaceutical-bmrn-stake/
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EPA Announces First Public Meetings of TSCA SACC
Nov 30, 2018 | National Law Review
By Lynn L. Bergeson and Margaret R. Graham
On November 29, 2019, the U.S. Environmental Protection Agency (EPA) announced that it has scheduled the first public meetings of the Toxic Substances Control Act (TSCA) Science Advisory Committee on Chemicals (SACC). The first meeting, a preparatory virtual meeting, and will be held on January 8, 2019, from 2:00 p.m. to 4:00 p.m. (EST). The second meeting, a four-day in-person meeting, will be held on January 29, 2019, from 1:00 p.m. (EST) to 5:30 p.m. and on January 30, 31, and February 1, 2019, from 9 a.m. to 5:30 p.m. (EST). The official announcement is scheduled to be published in the Federal Register on November 30, 2018. Further information, including the location of the in-person meeting and how to register, will be posted on EPA’s TSCA Scientific Peer Review Committees website.
The topic for this first series of meetings is the peer review of the draft risk evaluation for Colour Index (C.I.) Pigment Violet 29 and associated documents developed under EPA’s existing chemical substance process under TSCA. EPA states that the two-hour preparatory virtual meeting on January 8, 2019, will consider the scope and clarity of the draft charge questions for this peer review -- included with EPA’s Transmission of Background Materials and Charge to the Panel for the TSCA SACC Reviewing the Draft Risk Evaluation for C.I. Pigment Violet 29 (Attachment 23). The 4-day, in-person, public meeting will be comprised of the peer review panel deliberations and a general TSCA orientation for the TSCA SACC. A portion of the in-person meeting will be closed to the public, however, for the discussion of information claimed as confidential business information (CBI).
During these upcoming meetings, EPA states that the public is invited to provide oral comments for the peer review on the draft risk evaluation for C.I. Pigment Violet 29 and related documents; comments submitted by January 14, 2019, on the draft risk evaluation will be provided to the peer review panel members before the in-person meeting. Comments on the draft charge questions will be accepted prior to and during the 2-hour preparatory virtual meeting (but preferably by January 7, 2019); the TSCA SACC peer review panel will consider these comments during their discussions.
More information on the draft risk evaluation for C.I. Pigment Violet 29 is available in our memorandum EPA Publishes First Draft TSCA Chemical Risk Evaluation.
https://www.natlawreview.com/article/epa-announces-first-public-meetings-tsca-sacc
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U.S., Canada Seen as Top Spots for Oil, Gas Dealmaking in 2019
Nov 30, 2018 | Natural Gas Intelligence
By Carolyn Davis
Most global oil and gas executives expect to make deals to buy or sell assets in 2019, nearly 10% above the global average, with most of the activity likely to be in the United States, spurred by onshore transactions, and in Canada, according to a recent survey.
The 19th EY Oil & Gas Global Capital Confidence Report issued this week found that 55% of energy executives are contemplating mergers and acquisitions (M&A) in the coming year. EY refers to the global organization of the member firms of Ernst & Young Global Ltd.
The uptick in oil prices -- at least during 3Q2018 -- increased executive confidence and even though prices now are well below the highs achieved between July and September, there’s still optimism about the ability to make deals.
West Texas Intermediate crude oil prices have fallen sharply in recent weeks, with oil prices hovering around the $50/bbl mark early Thursday. However, third quarter crude averaged $70.98/bbbl in July, $68.06 in August and $70.23 in September, according to the Energy Information Administration.
“Notwithstanding the recent pause in the oil price recovery, we see continued confidence in market fundamentals, companies’ earnings outlooks, availability of credit and equity values,” EY researchers said.
Geographically, the United States is the top oil and gas investment destination, executives said. Going forward, North American shale and tight oil and gas plays are likely to receive the most investment in driving M&A activity, the survey found.
Improved prospects for the development of liquefied natural gas (LNG) export projects helped push Canada into second position. The Royal Dutch Shell plc-led LNG Canada export project is moving forward on British Columbia’s west coast to move gas supply to Asia Pacific markets.
After the United States and Canada, other countries considered to have improving M&A prospects are, in order, the UK, Norway and the United Arab Emirates.
The global “oil and gas deal appetite remains robust, as disruptive forces including geopolitical uncertainty and the energy transition drive oil and gas executives to intensify portfolio reviews,” the EY survey found.
More than half of the executives (59%) surveyed said they scrutinize their portfolios at least every six months. Companies are positioning for a new “medium-term supply-demand dynamic” and plan to improve their responsiveness to evolving energy technologies, EY noted.
About 44% of the respondents cited regulatory and policy uncertainty as the biggest potential threats to dealmaking, even while all (99%) believe global economic growth remains stable or is improving.
A full 80% expect the global M&A market to improve in the next year, which is up from 64% six months ago.
“Global oil and gas sector confidence in market fundamentals, earnings outlooks, availability of credit and equity values remains strong,” EY’s Andy Brogan, global oil and gas transactions leader said. “Leaders are responding proactively to uncertainty around the energy transition, geopolitical issues and the oil price outlook by taking steps to plan for multiple future scenarios.”
More than half (58%) of the executives who responded to EY’s survey said they are “stress testing strategies and financial resilience,” as well as “taking the opportunity to identify assets to sell that are either underperforming or at risk of disruption.”
Portfolio optimization is said to be the key driver for increased M&A activity, and 76% expect more competition for assets from the private equity buyers that have fueled most of the U.S. onshore dealmaking in recent years.
Conversely, nearly all (95%) of the executives who responded to the survey said they have either failed to complete or canceled a planned acquisition in the last 12 months, as the “valuation gap, government intervention and policy concerns” thwarted their M&A aspirations.
“Looking ahead, we expect to see more activity from private equity and rising cross-sector M&A driven by technology and digital,” Brogan said. “Businesses are also finding cross-sector companies attractive as they boost investments in renewables, battery technology and mobility.”
However, revamped regulations and trade uncertainty “mean that the sector will mainly be looking closer to home for deals,” he added. “While recent price volatility may lead companies to reassess their medium-term outlook, it is encouraging that this starts from a position of confidence.”
https://www.naturalgasintel.com/articles/116629-us-canada-seen-as-top-spots-for-oil-gas-dealmaking-in-2019
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Oil and Gas Flow to Texas Coast Spawns Building, Tensions
Nov 29, 2018 | The Washington Post
By Jamie Smith Hopkins
To the east, the Gulf of Mexico stretches out, blue-green and sparkling. To the west and north, flounder and trout meander in a chain of bays. People flock here to fish. Others come to this beach town near Corpus Christi to kayak, parasail or admire the hundreds of bird species on the barrier island, which is deep into rebuilding efforts after Hurricane Harvey damaged or destroyed 85 percent of the buildings here last year.
A perfect location, from a certain point of view, to put not one but two crude-oil export terminals for ships so big they’re called supertankers.
Those proposals are part of a historic buildout of oil and gas infrastructure in the United States as it becomes a top exporter of both fuels. Texas, home to the most prolific oilfield in the country, is at the epicenter. More than 80 plants, terminals and other projects are in the works or planned up and down the state’s Gulf Coast, from Port Arthur to Brownsville, according to a Center for Public Integrity and Texas Tribune review of corporate plans.
Oil and gas production in the U.S. has skyrocketed, particularly in West Texas. When Congress lifted decades-old federal restrictions on crude exports at the end of 2015, a move that came on the heels of rule changes throwing open the doors for exports of natural gas, it set off a mad dash.
Much of the export infrastructure is headed for just two regions: Houston — America’s oil capital — and Corpus Christi, where a port previously focused on oil imports is battling it out with Houston to be the country’s No. 1 location for moving crude to other nations. Each shipped out more than $7 billion in crude during the first nine months of the year, up from less than $1 billion two years earlier, according to U.S. Census Bureau figures.
“At the end of 2015 ... we had the first shipment of crude that was exported,” said John LaRue, executive director of the Port of Corpus Christi. “And now, as I’m sure you know, it’s a constant surge.”
Oil and gas export growth means jobs paying good wages. But it also intensifies a tragic quandary bedeviling the Gulf. Heavy industry there pumps out greenhouse gases warming the climate, upping the risks of powerful storms that, in turn, endanger those same facilities and everything around them. Harvey, which dumped more rain than any other U.S. storm on record, damaged hundreds of thousands of homes in Texas last year, killed at least 68 people and, particularly around Houston, sparked industrial spills, air pollution and explosions.
Many of the new or proposed facilities along the Texas Gulf are in areas that felt Harvey’s bite. A Corpus Christi liquefied natural gas terminal — which just began operations and already has expansions planned — received permits to release up to 5.8 million tons of greenhouse gases each year, according to an analysis by the Environmental Integrity Project, a research and advocacy group. That’s the equivalent of nearly 1 ½ coal-fired power plants. Other parts of this new supply chain will facilitate greenhouse gases pumped out in Asia and beyond.
“There is some irony or poetic justice, depending on your point of view, in having all these greenhouse-gas emitters being the most vulnerable to climate change, but there are a lot of people living around them, and it’s not such a good deal for them,” said Eric Schaeffer, executive director of the Environmental Integrity Project and a former head of civil enforcement at the U.S. Environmental Protection Agency.
The boom also sets up a clash over the future of the mid-Gulf, a less industrial and more tourism-focused part of the Texas coast than Houston.
From the Port of Corpus Christi’s perspective, the new export business is a huge plus. “You’re going to see more development, more industry, more jobs,” said Eddie Martinez, the port’s business development representative, as he cruised in a boat along the ship channel in June, passing oil tankers and new projects.
But as the growth spills beyond the port’s industrial spine, it’s upending some communities.
The idea of building crude-oil terminals in Port Aransas to serve ships extending the length of four football fields — requiring a much deeper ship channel in that area — has residents and business owners there up in arms.
“Everyone I speak to says they’re against this,” said Neesy Tompkins, who moved to town in 1978 after falling in love with its natural beauty.
This type of development boom on the coast isn’t unprecedented, but it hasn’t happened for decades, said Michael Webber, acting director of the Energy Institute at the University of Texas at Austin.
“We’re seeing massive buildout,” Webber said. “Export infrastructure, chemical infrastructure, you name it.”
https://www.washingtonpost.com/business/oil-and-gas-flow-to-texas-coast-spawns-building-tensions/2018/11/29/5d1d0d4e-f414-11e8-99c2-cfca6fcf610c_story.html?utm_term=.c4b4d0143ca8
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U.S. Natural Gas Exports to Mexico Hit New Record
Nov 30, 2018 | Houston Chronicle
By Sergio Chapa
U.S. natural gas exports to Mexico hit a new record amid sagging production south of the border.
Mexico imported about 6 billion cubic feet of natural per day from the United States in August, the U.S. Energy Information Administration reported late Thursday afternoon.Recommended VideoWas it a good year for oil revenues in the GCC region?
Some 5.1 billion cubic feet of natural gas per day was delivered via cross-border pipelines while another 860 million was delivered using liquefied natural gas import terminals, EIA data shows.
The record figures come at a time when natural gas production in Mexico continues to fall and demand from new power plants and factories is growing.
Mexico's dry natural gas production was 2.4 billion cubic feet per day in October, according to Mexico's state-owned oil company Petróleos Mexicanos, or Pemex. The figure marks a 7 percent decline from Oct. 2017 and a 21 percent drop from Oct. 2016.
EIA attributed Mexico's sagging natural gas production to declining reserves, a low commodity prices and limited exploration and production of new wells.
Mexico has invested $10 billion to add more than 2,883 miles of natural pipeline since 2013 but many projects have faced long delays.
Earlier this month, Calgary-based TransCanada announced that it was halting two natural gas pipeline projects in the State of Hidalgo where if faced opposition from indigenous groups and alleged acts of extortion from public officials raising permit fees.
As part of sweeping reforms that went into effect in 2014, Mexico opened its long-closed energy markets to foreign investment and competition.
Many in the energy industry are waiting to see how Mexico's president-elect Andres Manuel Lopez-Obrador will handle energy reforms after he takes office on Dec. 1.
https://www.chron.com/business/energy/article/U-S-natural-gas-exports-to-Mexico-hit-new-record-13432621.php
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State Department to Start New Keystone XL Environmental Review
Nov 30, 2018 | Politico Pro
By Ben Lefebvre
The State Department said today it will start preparing a new environmental impact review for the Keystone XL pipeline to comply with a court ruling that halted work on the controversial oil project.
The new review, to be announced in the Federal Register Monday, comes after a district court judge in Montana earlier this month ruled the State Department’s 2017 decision to approve key permits for the pipeline relied too heavily on a 2014 environmental impact statement. The State Department must take into account updated information on greenhouse gas emissions, oil spills, cultural resources and market analysis, the ruling said.
President Donald Trump made granting the permit to cross the U.S.-Canadian border an early priority, but other hurdles have stalled work on the pipeline. Developer TransCanada filed its first permit request for the project that would carry oil from western Canada's oil sands to the U.S. Gulf Coast over a decade ago.
A TransCanada spokesperson was not immediately available for comment.
https://subscriber.politicopro.com/energy/whiteboard
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Oil And Water: Finding New Uses For Fracking Waste Water
Nov 30, 2018 | Huffington Post
By Rebecca Beitsch
Fracking requires a huge amount of water, a major concern in dry Western states that otherwise welcome the practice. But New Mexico thinks it can mitigate that problem by pushing oil companies to treat and recycle fracking waste water for use in agriculture — or even as drinking water.
State officials, with the help of the U.S. Environmental Protection Agency, are still working out the details. If they move forward with the strategy, other arid states may follow New Mexico’s lead.
“Oil and gas in New Mexico provide over a third of our general fund,” said Ken McQueen, who heads the New Mexico Department of Energy, Minerals and Natural Resources. “We have to be concerned we’re doing what’s necessary into the future to make sure this industry continues to be alive and vibrant.”
In addition to keeping a vital industry going, McQueen thinks the reclaimed waste water could be a boon to New Mexico farmers and ranchers who need water for their crops and herds. Factories could use it, and it might help revive parched wildlife habitat, he said. And even though the waste water is filled with salt and other minerals, it might even be treated and used for drinking.
In a typical month, the amount of waste water generated by the fracking process in New Mexico, the country’s third-largest producer of oil, would be enough to fill Elephant Butte, the state’s largest lake.
“Our hope is that it has a significant impact,” McQueen said, eyeing figures that might total a billion barrels of water a year. “As we see the produced water volumes increase, it just makes sense that we explore other methods of disposal, particularly if those methods may have an upside or beneficial use to New Mexico.”
But even in the nation’s fifth-driest state, where water is as precious as crude, environmentalists are skeptical of a strategy many state leaders view as a greener approach to dealing with waste water. Even after it is treated, they argue, the water can be tainted by harmful metals or chemicals used in fracking, creating long-term risks for people and the environment.
“If they go without challenge, these plans will forever change New Mexico’s water,” the Red Nation, a Native American advocacy group, said in a statement released in advance of a protest at a recent oil and gas industry conference in New Mexico. The new regulations would “guzzle up the region’s scarce and sacred freshwater resources for fracking and then ‘re-introduce’ dirty water back into the hydrological cycle.”
Driven by Economics
During hydraulic fracturing, or fracking, oil companies inject fluid — a mixture of water and chemicals, plus sand — deep underground into rock formations to release oil and natural gas. For every barrel of oil fracking produces in New Mexico, it yields up to five barrels of “produced water” — a combination of the excess fracking water and water released from the rock.
Sometimes oil companies reuse the waste water to bring up more oil, but in many cases they dispose of it by pumping it deep underground using wells called injection wells.
Injecting the waste water has created serious problems in states such as Oklahoma and Kansas. Both states have passed restrictions on injecting the water after scientists concluded that the practice has caused earthquakes, sometimes several in a single day.
With the help of the EPA, New Mexico officials earlier this month released a draft documenton how to clarify state and federal regulations to promote reuse of the waste water.
The EPA also is conducting a separate study to potentially find other uses for produced water, citing the limitations of injection and requests from dry states asking “what steps would be necessary to treat and renew it for other purposes.”
Bob Poole of the Western States Petroleum Association said energy companies may opt for treatment and reuse instead of injection, but only if “it works economically for the company.” If there happens to be an environmental benefit, he said, “that is a win-win.”
In Pennsylvania, for example, a complex permitting process makes it difficult for companies to inject produced water within the state. Some of the water is trucked to Ohio and West Virginia for injection there, and some of it ends up with companies such as Eureka Solutions, based in Williamsport, Pennsylvania, which removes the salt so it can be used for deicing roads and cleaning swimming pools. Eureka dumps the treated leftover water into the Susquehanna River.
Eureka charges about $8 a barrel, which is comparable to the cost of trucking it elsewhere.
But in New Mexico, where it costs as little as a dollar a barrel to inject produced water, treating it would have to be cheaper to make it worthwhile.
“We’d love to get it cheaper and that would really incent producers to move in our direction,” said Kevin Thimmesch, Eureka’s chief operations officer. “But I think we’ll need economic incentives with states to get us to that level.”
Aubrey Dunn, New Mexico’s outgoing land commissioner, said the state isn’t doing enough to incentivize treatment instead of injection. He supports state tax breaks for companies that treat the waste water so it can be used for agriculture or drinking.
“It can get that clean, but it takes money to do it,” Dunn said, estimating that treatment costs in New Mexico would be closer to $4 a barrel. “That will encourage people to do it versus dumping it.”
Environmental Concerns
But even if the water can be treated in a way that’s economically viable, environmentalists question whether it should be used at all.
Eleanor Bravo, head of Food and Water Watch in New Mexico, which is a member of the Environmental Alliance of New Mexico, said many of the state’s environmental groups plan to fight any use of the water.
“We oppose even entertaining the idea of using this on crops,” she said. “Because it’s chemically altered we believe it can never be returned to the evolutionally process as water.”
A 2015 study lead by a Duke University professor found that even treated waste water from the oil and gas industry had up to 50 times the amount of ammonium allowed by the EPA.
Colin Leyden of the Environmental Defense Fund said governments and the oil industry should proceed cautiously, citing “scientific gaps” on the long-term effects that using the water could have on human and environmental health.
“We don’t know a lot about produced water because frankly it’s always gone down a hole, it’s always gone down the well,” Leyden said. “If you’re dumping it in the Susquehanna [River] and diluting it 1,000 to one, or putting it on a lettuce crop, or if it’s for municipal use for potable water, those are very different things.”
McQueen acknowledged that even he isn’t certain that New Mexico’s produced water can be made clean enough for drinking water or even agriculture.
“Where it eventually ends up will depend on our confidence that we can test it and make sure it’s safe,” he said. But he said critics “should look at where a lot of their other water is being sourced from these days. Technology has evolved to where water from sewage treatment plants is being recycled and reutilized for drinking water.”
https://www.huffingtonpost.com/entry/oil-and-water-fracking-waste_us_5c000e19e4b0d629378c1301
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Shale Patch Expected to Cut Budgets for 1st Time Since Crash
Nov 30, 2018 | E&E Energywire (via Bloomberg)
By Kevin Crowley
Shale explorers will likely cut spending budgets next year for the first time since the last price crash as crude spirals down again, analysts said.
U.S. benchmark oil prices have dropped by more than a third from an Oct. 3 high, the largest percentage decline since early 2016. Yesterday, West Texas Intermediate briefly dropped below $50 a barrel, the minimum price most big shale companies plan their growth around, down from averaging almost $67 this year through September.
That means companies will sacrifice some production growth to keep a lid on expenditure, according to Wood Mackenzie Ltd. and RS Energy Group.
"Something has to give," said Andy McConn, a Houston-based analyst at Wood Mackenzie. "We expected some minor increases in budgets going into next year but now we see risk to the downside, with budgets flat or down year on year."
Before the recent price slump, 2019 was shaping up to be a promising time for shale explorers after years of disappointing investors by burning through cash as they sought growth. But signs of austerity are already beginning to emerge. Anadarko Petroleum Corp. said it plans to cut spending by about 3 percent next year.
Outside the U.S., other companies are already showing signs of altering their plans. BP PLC Chief Executive Officer Bob Dudley said Wednesday the British major will "reprioritize" activity after the recent price decline. Calgary-based Whitecap Resources Inc. deferred the release of its 2019 budget, citing market volatility.
An industry-wide cut in North America would be the first since 2016, when WTI plunged below $27 a barrel, according to data compiled by Bloomberg Intelligence. Most companies will announce 2019 capital plans with their fourth-quarter results in late January and early February. Chevron usually releases its capital plans early December.
The prospect for tougher times comes in stark contrast to third-quarter earnings reports that showed revenue was on the rise.
Companies such as Continental Resources Inc., Pioneer Natural Resources Co. and Devon Energy Corp. generated substantial free-cash flow in the quarter while still clocking production growth well into the double digits. EOG Resources Inc. made more than $1 billion in the period, putting it in the same league as veteran majors such as Italy's Eni SpA and ConocoPhillips.
"At a $65 to $70 price deck we had a lot of free cash flow being forecasted but at these levels all that free cash flow is gone," said Dane Gregoris, senior vice president at RS Energy Group.
Devon, Occidental and Anadarko were among companies that used excess cash to buy back shares this year, while others such as EOG hiked dividends.
"A lot of the big guys were doing buyback programs and shareholder friendly initiatives," Gregoris said. "Maybe that's the first thing that goes."
https://www.eenews.net/energywire/2018/11/30/stories/1060108227
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Exxon Will Use Wind, Solar to Produce Crude Oil in Texas
Nov 30, 2018 | E&E Greenwire (via Bloomberg)
By Christopher Martin and Kevin Crowley
Exxon Mobil Corp. will use renewable energy to produce oil in West Texas.
Under 12-year agreements with Denmark's Ørsted A/S, Exxon will buy 500 megawatts of wind and solar power in the Permian Basin, the fastest growing U.S. oil field. It is the largest ever renewable power contract signed by an oil company, according to Bloomberg NEF. Terms weren't disclosed.
"It will be interesting to see how the other oil majors respond," Kyle Harrison, a BNEF analyst, said. "A purchase like this has historically been unprecedented."
Exxon, which was sued by investors who alleged the company downplayed risks of global warming, is turning to clean energy as it becomes cheap enough to compete with fossil fuels. The wind and solar farms are being built in a region where electricity demand is soaring as oil production grows.
"We frequently evaluate opportunities to diversify our power supply and ensure competitive costs," Julie King, a spokeswoman for the Irving, Texas-based oil producer, said in an email. The company denies misleading investors about climate change.
Booming production in the Permian Basin is helping Exxon offset declining output elsewhere in the world. But output in the region has grown so fast that infrastructure including pipelines and power plants have struggled to keep up.
One area of the Permian, called the Delaware Basin, consumed the equivalent of 350 megawatts this summer, tripling its load from 2015. That's enough to power about 280,000 U.S. homes. Providers say demand is likely to triple again by 2022.
Half the power Exxon will buy will come from the Sage Draw wind farm, which Ørsted plans to finish building in 2020, according to a slide from an investor presentation Wednesday. The rest will be from the Permian Solar farm, scheduled to be finished in 2021.
Ørsted, the world's largest developer of offshore wind farms, has deep roots in fossil fuel. It was previously called Danish Oil and Natural Gas, or Dong, before shifting toward renewables about a decade ago. The company divested its upstream oil and gas business last year and rechristened itself Ørsted, borrowing the name of a scientist who discovered electromagnetism in the 1800s.
Texas already has the most wind power of any state, with more than 23 gigawatts. That's triple the next biggest market, Oklahoma. Texas is the fifth largest solar market, with about 2.6 gigawatts. That's forecast to double next year, according to Morningstar Inc.
In August, Exxon was said to be seeking renewable energy under long-term contracts from a group of potential developers.
https://www.eenews.net/greenwire/2018/11/30/stories/1060108321
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EPA to Boost Mandate for Some Biofuels: Report
Nov 30, 2018 | The Hill - E2 Wire
By Timothy Cama
The Environmental Protection Agency (EPA) is planning to increase the federal mandate for certain biofuels.
The mandate for fuel refiners to use advanced biofuels, which can be made from waste products such as woody biomass, is going up to 4.92 billion gallons, a 15 percent increase from the current year, in an EPA regulation covering 2019 that is set to be released Friday, Reuters reported.
But the overall ethanol mandate — which can be fulfilled using fuels made from corn, soy and many other sources — will stay at 15 billion gallons, the same level as 2018, Reuters reported, citing an agency document.
The Renewable Fuel Standard (RFS) requires oil refiners making gasoline and diesel to blend certain amounts of biofuels into the products they sell or to buy credits from other companies to demonstrate compliance.
The EPA is also set to decline requests from the corn industry to make up for hardship exemptions it gave to numerous small refineries by reallocating those refineries’ obligations across the overall industry.
An EPA official told Reuters that in order to reallocate the volumes, the agency would have to predict how many waivers it would give in 2019 and then adjust the mandate accordingly.
The EPA did not immediately return a request for comment from The Hill on the Reuters report.
https://thehill.com/policy/energy-environment/418958-epa-to-boost-mandate-for-some-biofuels-report
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Calif. Regulators Question PG&E's Safety Commitment
Nov 30, 2018 | E&E Greenwire (via Associated Press)
By Paul Elias
California regulators yesterday ordered Pacific Gas & Electric Co. to improve its "safety culture" after questioning the safety qualifications of top executives.
The California Public Utilities Commission gave the San Francisco-based company until July 1 to implement 60 recommendations from an independent consultant hired to examine PG&E's safety practices.
The five-member commission unanimously voted for the order during a chaotic meeting in San Francisco briefly disrupted by protesters chanting several slogans including "Justice for Paradise," referencing the Northern California city destroyed by a Nov. 8 wildfire.
California authorities are investigating whether PG&E's equipment started the fire. The commission adjourned the meeting for about five minutes until the California Highway Patrol escorted the protesters from the meeting.
The agency ordered the audit after a PG&E pipeline exploded in 2010, killing eight people and destroying 38 homes in a San Francisco suburb.
"Evidence shows that, although there are a few bright spots, PG&E appears not to have a clear vision for safety programs and instead pursues many programs without thought to how they fit together," commission President Michael Picker said.
Picker said he plans a sweeping review of the publicly traded company's corporate structure after the commission rejected PG&E's defense that three board members had "significant safety expertise."
"This commission wants PG&E to have a genuine and effective safety culture that permeates the organization, not just a thin veneer or window dressing that superficially looks good but fails under stress," the decision adopted yesterday stated.
The utility said it has already adopted many of the recommendations and is committed to implementing the others.
"We believe we have made significant progress, but we also recognize there's always more work to do to achieve our mission to provide safe, reliable, affordable and clean energy," spokeswoman Jennifer Robison said.
The order adds to the utility's mounting woes. State investigators blame PG&E's equipment for starting 17 wildfires last year, and it faces $15 billion in damages and cleanup costs and faces numerous related lawsuits. Investigators are still determining the cause of several other 2017 Northern California wildfires that could increase the company's liabilities if it's held responsible for those blazes.
Meanwhile, PG&E could face billions of dollars more in damages if investigators determine its equipment started the state's most destructive wildfire, which destroyed Paradise. PG&E told CPUC that a transmission line experienced problems near the origin of the fire at about the same time the blaze started.
https://www.eenews.net/greenwire/2018/11/30/stories/1060108327
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5 Get Prison After Explosion of Dumped Military Munitions
Nov 30, 2018 | E&E Greenwire (via Associated Press)
A federal judge yesterday ordered $34.8 million in restitution from the owner of a company that committed what a prosecutor calls the nation's worst-ever dumping of military explosives — a case stemming from a huge 2012 munitions blast. U.S. District Judge Elizabeth Foote also ordered David Alan Smith to spend four years and seven months in prison.
Smith and four officials of his Explo Systems Inc. were sentenced in Shreveport, La. The four others drew sentences ranging from two to five years in prison and were ordered to repay the federal government a total of $598,000.
Explo Systems, which went bankrupt in 2013, had an $8.7 million Army contract to "demilitarize" artillery charges at a Louisiana National Guard facility called Camp Minden.
"The defendants sentenced today used Camp Minden here in northwest Louisiana as the largest illegal dumping ground of military explosives in the history of the United States — at over 15.6 million pounds of explosives," U.S. Attorney David Joseph said in a statement.
"Those who endanger the safety of our community to satisfy their own greed will be held accountable," he added.
The restitution adds up to $35.4 million. Prosecutors said the restitution to the government includes the $8.7 million contract to demilitarize weapons plus cleanup costs. When the company went under, it left 7,800 tons of potentially explosive M6 and 160 tons of clean-burning igniter, much of it outdoors or otherwise stored unsafely.
It all had to be moved safely to bunkers. Then, after years of debating how to get rid of the M6 and other materials, the National Guard hired Explosive Service International of Baton Rouge for $32 million to design a chamber to capture any pollution and to burn the materials.
Sentenced yesterday were Smith, 63 of Winchester, Ky.; Vice President of Operations William Terry Wright, 65, of Bossier City, La.; program manager Kenneth Wayne Lampkin, 66, of Haughton, La.; traffic and inventory control manager Lionel Wayne Koons, 59, of Haughton; and director of support technology Charles Ferris Callihan, 69, of Shreveport. All had pleaded guilty to charges earlier.
Explo Systems' contract called for it to "demilitarize" more than 1.3 million artillery charges and safely store and get rid of the components. The company said it planned to sell the M6 propellant for mining.
The investigation began after the thunderous explosion at sprawling Camp Minden, a 15,000-acre site. No one was hurt, but the blast shattered windows miles away, created a 7,000-foot mushroom cloud and derailed 11 rail cars near the bunker.
Smith and Koons pleaded guilty early this year. Co-owner David Fincher of Burns, Tenn., and the three other officials were scheduled for trial in April, but Fincher died days before the trial. The remaining defendants pleaded guilty over the next several months.
Smith admitted lying about selling demilitarized powder to another company. As part of a conspiracy plea, he admitted preventing authorities from properly monitoring Explo's operations at Camp Minden.
Lampkin admitted knowing that Explo didn't have space to safely store the M6 and sending an email falsely claiming that Explo had sold more than 148 tons of it to another company.
Wright, the last to plead guilty, admitted that he and others caused improper and unsafe storage of M6 and hazardous waste, obstructed federal inspections, and falsified forms from purported buyers.
Koons admitted that after Louisiana State Police halted shipments because Explo had no remaining storage space, he emailed the Army to put further deliveries on hold, claiming it was because of an audit.
Callihan acknowledged that he didn't let the owner of a private landfill for nonhazardous waste know that asphalt he sent there was contaminated with TNT.
https://www.eenews.net/greenwire/2018/11/30/stories/1060108319
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The U.S. Could Cut Emissions by 80 Percent for Less Than the 2018 Federal Budget
Nov 30, 2018 | Huffington Post
By Chris d'Angelo
It’s no secret where the Trump administration stands on studying and combating climate change: “We’re not spending money on that anymore,” Mick Mulvaney, director of the Office of Management and Budget, said at a White House briefing last year. “We consider that to be a waste of your money to go out and do that.”
As President Donald Trump continues to dismiss the all-but-irrefutable scientific consensus on climate change, federal reports released last week make it clear that failing to rein in greenhouse gas emissions will cost the United States far more in the long run than tackling the crisis head-on.
As part of the historic 2015 Paris climate accord, nearly 200 countries committed to helping prevent global temperatures from increasing by 2 degrees Celsius, the “magic number” scientists say would stave off the worst effects of climate change.
Overhauling U.S. energy infrastructure to reduce emissions by 80 percent below 2005 levels by the middle of the century ― a goal consistent with the 2-degree target ― would cost the United States between $1 trillion and $4 trillion (in 2005 U.S. dollar values) by mid-century, according to the 2018 State of the Carbon Cycle Report.
It might seem like a high price, but at worst, it’s on par with what it cost to run the federal government during fiscal year 2018 ― a projected $4.1 trillion — and, at best, far less.
“The bottom line is we can do this,” said Peter J. Marcotullio, a geography professor at City University in New York and the lead author of the report’s chapter on energy systems. “However, we cannot do it just on technology alone. We need policy.”
Policy like fuel economy standards, he said, which the Trump administration has proposed rolling back to allow vehicles to spew more carbon dioxide.
The State of the Carbon Cycle Report, issued by the U.S. Global Change Research Program, analyzes the carbon cycle across North America and is authored by more than 200 scientists from the U.S., Canada and Mexico. It draws upon studies over the last decade, with the $1 trillion to $4 trillion cost estimate coming from a 2014 study by Stanford University’s Energy Modeling Forum. Accounting for inflation, that’s between approximately $1.3 trillion and $5.1 trillion in today’s currency.
Marcotullio noted that the costs, which would be spread out over more than three decades, don’t account for the impact such a massive decarbonization effort could have on the economy. The Stanford report found that an emission reduction of 80 percent would result in a 3 to 5 percent loss in gross domestic product. But the price tag also doesn’t account for the many cost-saving co-benefits that would come from slashing emissions, including reduced damage to infrastructure and improved air quality.
The report highlights how investment in energy infrastructure would offset some, if not all, climate-related damages expected under a business-as-usual scenario with no mitigation of greenhouse gas emissions. Those damages are forecast to reach between $170 billion and $206 billion per year by 2050, depending on whether emissions are cut or continue business-as-usual, a 2017 study by the Environmental Protection Agency found.
Of course, averting catastrophic climate change requires swift, aggressive global action.
Katharine Hayhoe, a co-author of the climate assessment and director of the Climate Science Center at Texas Tech University, told HuffPost that the carbon cycle report, which she was not involved in, makes a clear economic argument for the Paris climate pact.
“There is no objective economic analysis that supports pulling out of the Paris Agreement if one’s time horizon is any longer than 20 years even under the most pessimistic view of the costs versus benefits,” Hayhoe wrote in an email. The report, she added, “highlights why anyone who cares about long-ranging planning and the long-term economic health and productivity of the U.S. would care: because it impacts our bottom dollar.”
The up-to-date carbon assessment details that while atmospheric carbon dioxide continues to soar, up 40 percent from pre-industrial levels, fossil fuel emissions in North America declined an average 1 percent per year between 2003 and 2014. Those reductions have been largely due to a shift from coal to cleaner-burning natural gas and the implementation of fuel economy standards.
A big uncertainty is what will happen to emission levels in North America over the next few decades, Marcotullio said. Forecasts suggest that by 2040, they could increase by more than 10 percent or decrease by more than 14 percent, according to the analysis. Nevertheless, a key takeaway of the report is that through a combination of technological advances and policy changes, it is possible for the U.S. to mitigate its share of global emissions.
“The problem is the longer you wait, the higher the price gets,” Marcotullio said.
The carbon cycle report and a chilling in-depth government climate report ― the Fourth National Climate Assessment ― were released on the Friday after Thanksgiving, a major shopping holiday, in a Trump administration move many saw as an attempt to bury the findings. The comprehensive documents add to the overwhelming scientific consensus that climate change is driven by human activity, is already affecting communities across the county and that the planet is barreling toward catastrophic, perhaps irreversible, change.
Along with plans to pull the U.S. out of the historic Paris climate pact, the Trump administration is pursuing an “energy dominance” agenda focused on boosting domestic fossil fuel production and working to roll back numerous environmental safeguards, including President Barack Obama’s Clean Power Plan, a policy limiting greenhouse gas emissions from power plants.
https://www.huffingtonpost.com/entry/federal-budget-climate-change-carbon-cycle-report-emissions-mitigation_us_5c006a69e4b0b69ed3796e33
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EPA Watchdog Closes 2 of the Many Probes into Former Chief Scott Pruitt
Nov 30, 2018 | Huffington Post
By Nick Visser
The Environmental Protection Agency’s inspector general’s office has closed two of its investigations into former Administrator Scott Pruitt, saying it couldn’t complete them because he resigned before he was able to talk to investigators.
In a report to Congress on Thursday, the EPA’s watchdog said it wasn’t able to finish investigations into a sweetheart condo rental deal Pruitt made with a lobbyist or another probe into whether he abused his position and mismanaged members of his staff.
“Mr. Pruitt resigned prior to being interviewed by investigators. For that reason, the OIG deemed that the result of the investigation was inconclusive,” the agency’s Office of the Inspector General wrote. “The case will be closed.”
News of the closed investigations was first reported by The Washington Post.
Pruitt resigned in July amid several massive scandals and more than a dozen federal investigations into his behavior leading the EPA. He was temporarily replaced by his former deputy, Andrew Wheeler, a former coal lobbyist. However, the White House said in November Wheeler would be nominated to become the permanent head of the agency.
Before his departure, the condo rental ― in which Pruitt paid just $50 a night to rent a room from Vicki Hart, the husband of a lobbyist who had business before the EPA at the time ― prompted a bipartisan outcry. Democrats charged that it amounted to an improper gift against agency rules.
The second probe shuttered this week surrounded allegations that Pruitt regularly used staff for personal errands and business. In one instance, Pruitt reportedly asked an aide to buy an “old mattress” from the Trump International Hotel in Washington for an unknown purpose.
Pruitt has kept a relatively low profile since his departure. In September, The New York Times reported that he was in talks to get a new job working as a consultant to the coal industry, although a representative for a Kentucky coal company said such discussions were “preliminary” at the time.
“Obviously, any discussions would not involve lobbying the federal government,” the company, Alliance Resources Partners, said at the time.
https://www.huffingtonpost.com/entry/scott-pruitt-epa-investigations-closed_us_5c00c322e4b0d04f48b29eb3
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