FRACKING BRIBE DOLLARS DOMINATED IN Chester County PA ELECTIONS.
Now Governor Wolf's frack Pennsylvania plans might sail through the Pennsylvania House & Senate.
But will the Mariner East explode in deadly fireballs & end Wolf's fracking quest?
PURE CAPITALISM MIGHT END FRACKING FOR GAS:
U.S. LNG Troubles Began Long Before COVID-19
On April 23, the senior editor of the industry publication Natural Gas Intelligence wrote: “The LNG market was already oversupplied before the COVID-19 pandemic crushed demand worldwide and sent global gas prices into a freefall.”
Mike Sultan, editor at Energy Intelligence, recently made the same point about U.S. projects. “They were facing an oversupply situation before any of this happened,” Sultan said. “Before the U.S.-China trade war happened, before the oil price crash, before COVID-19 ever showed up, they were in serious trouble.”
But The New York Times recently missed this key context when reporting on the financial woes of the LNG industry, failing to mention the industry's previous oversupply issues and putting the blame on the pandemic drying up demand and crashing prices.
The LNG industry has the same problem as the oil industry. It’s economics 101. If you supply more product than the market can absorb, prices go down. The current global prices for LNG mean that shipping U.S. LNG to world markets is a money-loser.
On April 26 Reuters reported that the price for LNG in Asia dropped to just below $2 per million British thermal units (mmBtu). Meanwhile, delivering U.S. LNG to Asia costs just under $6/mmBtu, which is why agreements for U.S. LNG deliveries are being swiftly canceled. The economics of exporting U.S. LNG don't make sense.
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