Even as an administrative process is ongoing to hammer out new state rules on hydraulic fracturing (fracking) by oil/gas regulators, the California Senate on Thursday passed on a 27-11 vote a measure (SB 4) to cover chemical disclosure requirements and public notice before fracking can take place. It drew short, at the industry’s urging, of placing any moratorium on the practice for an interim period.
Articles from Effects
The North American shale revolution “is now deeply entrenched,” and is expected to keep natural gas prices at “historically low prices for some time,” creating both long-term benefits and hardships for a variety of sectors and companies, according to a report issued by Moody’s Investor Services on Monday.
The Interior Department’s Bureau of Safety and Environmental Enforcement (BSEE) has issued a final rule that is aimed at enhancing the safety of oil and gas rig workers on the federal Outer Continental Shelf (OCS).
Cash gas prices overall for weekend and Monday delivery dropped an average of 6 cents, but if the distorting effects of Northeast pipelines are factored out, the national average comes in nearly unchanged. Eastern points followed soft power prices, but Rockies prices added about a nickel. The April contract shed 0.8 cent to $3.927 and May eased 0.9 cent to $3.952. May crude oil rose $1.26 to $93.71/bbl.
Physical gas prices overall on average for weekend and Monday delivery rose a stout 25 cents, but subtracting the price effects of such congested Northeast pipelines as Algonquin, Iroquois, portions of Tennessee and parts of Transco, a broad based decline averaging 8 cents appeared. No points outside of the East and Northeast experienced gains. At the close of futures trading March had shed 1.0 cents to $3.153 and April was down 1.3 cents to $3.218. March crude oil fell $1.45 to $95.86/bbl.
The effects of cheap U.S. ethane were writ large in the third quarter results of Westlake Chemical Corp., which has a number of projects under way to take greater advantage of the low-cost feedstock.
The growth of the natural gas industry in Pennsylvania’s eastern Marcellus Shale helped the area avoid the worst of the 2008 recession, and the positive effects have only just begun, according to a study by the Institute for Public Policy and Economic Development (IPPED). A comparison of the impact of the Marcellus on Pennsylvania’s 10th congressional district, the Barnett Shale in Texas and the Fayetteville Shale in Arkansas led IPPED to conclude “that there is definite potential for growth in wealth, employment and housing” within Pennsylvania’s 10th congressional district, which includes many of the top producing counties. Core drilling counties fared better than noncore drilling counties, but the economic benefits of the Marcellus spilled over throughout the region.
The growth of the natural gas industry in the heart of Pennsylvania’s eastern Marcellus Shale helped the area avoid the worst of the 2008 recession, and the positive effects have only just begun, according to a study issued by the Institute for Public Policy and Economic Development (IPPED).