Last year’s Inflation Reduction Act (IRA) raised the tax credit for CO2 that’s permanently buried underground. Some CO2 is used in Enhanced Oil Recovery (EOR) to help push crude out of mature, low pressure wells. It can then be pumped back into the well for permanent storage. This is Carbon Capture, Use and Sequestration (CCUS). […]

It’s almost two months since Oneok (OKE) announced their proposed acquisition of Magellan Midstream Parners (MMP). Consummation of the transaction has never looked more promising than on the day of the press release. By mid-May, the market was ascribing less than 30% odds of shareholder approval, based on the gap between MMP and the combination […]

Independence Day is a wonderful holiday. It involves being outside in warm weather with the family to eat and watch fireworks. What’s not to like? Perhaps more than at any other time of the year, Americans rightly feel pride at our great country. As a transplanted Brit for now 41 years, my riposte to the […]

When it comes to energy, the media has a decided liberal bias. With a few exceptions, journalists covering this sector breathlessly highlight the phenomenal growth of renewables and criticize those evil fossil fuel companies who supply 82% of the world’s primary energy. The solar/wind juggernaut is barreling along and if you don’t jump on you’ll […]

On Monday the Energy Institute (EI) published the 72nd edition of the Statistical Review of World Energy. BP handed off this responsibility last year. They probably felt that saying anything about energy consumption would inflame climate extremists without commensurate benefit. The EI launched the publication with a webinar, which predictably was both upbeat on renewables […]

We’re getting used to 4-5% inflation. Using the Fed’s preferred measure, core Personal Consumption Expenditures (PCE), it’s been above 3% since April 2021. People are quietly mentioning the unmentionable – what if the Fed raises its inflation target?  The Economist recently published a briefing warning that “failure to quell it quickly will transform financial markets”. […]

The Equity Risk Premium (ERP) is a measure of the relative attractiveness of stocks versus bonds. It compares the earnings yield on stocks with the interest rate on ten year treasury notes. For much of the past decade it’s shown stocks to be relatively attractive compared to the average relationship going back to 1962 – […]

Insider trading hasn’t been eliminated, in spite of the SEC’s efforts. In March Terren S Peizer, CEO of Ontrak Inc, was indicted for selling stock in his company when he knew they were losing a key client. He did the trades using Rule 10b5-1 which governs when senior executives can dispose of shares. Last week […]

New York and much of the northeast US was shrouded in smoke from Canadian wildfires last week. Westfield, NJ is around 21 miles from lower Manhattan, which is normally visible if you’re at a high enough point. Last Wednesday it was not. Neither was the sun. Millions of Americans experienced air quality more usually associated […]

The Mountain Valley Pipeline (MVP) has suffered countless delays because of continued legal challenges from environmental extremists. Permits issued by Federal agencies were on many occasions rescinded by judges. No infrastructure of any kind can be built with such a process. When the recently passed debt ceiling legislation deemed completing MVP “in the national interest” […]