EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
The World Of Natural Gas

It’s hard to overstate the global success of US natural gas production. Over the past decade we’ve grown output by 37 Billion Cubic Feet per Day (BCF/D), accounting for half the global increase. We now produce over a quarter of the world’s gas. And it’s cheap. The development of fracking happened in America not elsewhere […]
Climate Extremists Lack Serious Solutions






To be an energy investor is to consider the energy transition on a daily basis. You don’t even have to be certain that man-made global warming is happening. Simply accepting that it may be possible should still induce a prudent world into managing this risk. Climate is complicated, and certainty that increasing CO2 emissions will […]
Renewables Are An Energy Footnote






Journalists love to write about fast growing renewables. It fits the narrative that solar and wind can eventually replace our traditional sources of energy. It allows the absence of any serious push towards nuclear power to go unanswered. It avoids the uncomfortable question of why China’s increasing emissions from coal are acceptable when in America […]
Germany’s Costly Climate Leadership






Germany’s energy transition, or “Energiewende” as they call it, is causing casualties. One is the Green Party, which did so badly in recent elections that it may not be represented in Thurungia’s regional legislature. More state elections are scheduled and there are concerns of further loss of support. The Greens are the main proponents of […]
Oneok’s Deal Makes Everyone Happy






Oneok (OKE) is developing a habit of surprising the market with their acquisitions. Last year’s deal with Magellan Midstream (MMP) was roundly criticized, including by us, because of few obvious synergies and an unwelcome tax bill for MMP unitholders (see Oneok Does A Deal Nobody Needs). MMP’s refined products business didn’t look like a […]