EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
Change and Uncertainty
As I watched President Trump’s inauguration speech on January 20th, I was reminded of Paul Kennedy’s 1987 book, The Rise and Fall of the Powers. Kennedy charts the arc of many great empires over the last couple of millennia. He finds a repeated cycle of geographic enlargement through technological and economic dominance followed eventually by […]
It’s Not Easy Being Green
Recently in A Few Thoughts on Long Term Energy Use we included the striking chart shown again below comparing CO2 emissions from power generation in the U.S. and Germany. It elicited quite a few comments from readers because it showed that Germany is now lagging behind the U.S. on this metric. Germany has set out […]
West Texas Leads a New Oil Boom
In our recent blog post America Is Great!, we described the success of America’s shale producers in the face of OPEC’s intention back in 2014 to bankrupt them with lower oil prices. The recent agreement on reductions in output was a concession that this strategy had failed (see OPEC Blinks). America’s private sector had bested […]
Williams Loses Its Way
With only the slightest risk of hyperbole, I can assert that anything written by Michael Lewis is worth reading. His latest work, The Undoing Project, recounts the friendship between two Israeli psychologists which led to Daniel Kahneman’s Thinking Fast and Slow. Kahneman, with his late friend Amos Tversky, developed an area of Behavioral Economics which […]
A Few Thoughts on Long Term Energy Use
Every year Exxon Mobil publishes their outlook for global energy over the next 25 years. It’s an absorbing read for people who care about such things. Their projections may not all be right, but they have to think about such issues pretty carefully and make long term investment decision based in part on their views. […]