Natural Gas News – February 1, 2019

Natural Gas News – February 1, 2019

Pennsylvania Governor Seeks Natural Gas Tax to Raise $4.5 Billion

Reuters reported : Pennsylvania Governor Tom Wolf on Thursday proposed a tax on extracting natural gas to pay for his plan to spend $4.5 billion over the next four years to improve the state’s infrastructure. The state legislature, however, has refused to approve the tax over the past couple of years. Wolf said Pennsylvania is the only state in the country without a severance tax on extracting natural gas. Pennsylvania is the second biggest gas-producing state behind Texas. The state produces about 18 billion cubic feet per day (bcfd) from the Marcellus and Utica shale basins, which is a little over 20 percent of nation’s total gas production. One billion cubic feet of gas is enough to supply about 5 million U.S. homes for a day. For more on this story visit texastribune.org or click https://reut.rs/2sW14Ki

GM Closes 11 Michigan Plants Over Natural Gas Shortage, Ford and FCA Also Affected

The Drive reports: General Motors is temporarily halting operations at 11 Michigan assembly plants and its Warren Tech Center campus after Consumers Energy urgently asked users to conserve their natural gas, reports Reuters. The utility reportedly ran into supply issues due to the record-breaking frigid winter temperatures as well as a fire at a compressor station in Macomb County. As of Wednesday evening, GM employees were told to stay home from its assembly plants in Orion, Flint, Lansing Delta Township, Lansing Grand River, and a number of other stamping and transmission plants. Warren Tech Center employees are also taking the day off. The automaker has not announced when work would resume but Consumers Energy is asking Michiganers to cut back on the natural gas use until at least the end of the workweek. In a Facebook post, the energy provider says it’s “cautiously optimistic” that its calls for conservation are helping the cause and the Macomb County compressor station is now partially in service. For more on this story visit thedrive.com or click https://bit.ly/2WzmbzK

 

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Make a Call

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote