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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.
Natural Gas Is The Future Fuel
On Monday the market dipped back below its pre-election level. The proximate cause was Trump’s ambiguous response when asked if there will be a recession. He has warned that the tariffs will likely cause “a little disturbance.” To this observer, the problem is more the rapid unpredictability with which new import taxes are announced and […]
Midstream Is About Volumes
Midstream companies are generally unaffected by the current round of daily tariff updates. Their stock prices may gyrate with the rest of the market, but nobody is revising guidance. It’s worth remembering that these are toll businesses, focused on volumes not commodity prices. Consumption of petroleum products is remarkably stable. It’s been between 20 and […]
Why The Navy Can’t Help With Nuclear
Last week I gave a lunchtime presentation to a local investment club organized by Elliot Miller, a friend and long-time investor in midstream energy. Afterwards one of the participants came up to me and, disclosing that he used to work as a nuclear physicist, asked me what I thought of the prospects for Small Modular […]
What Energy Transition?
Daniel Yergin is right to call it the Energy Addition. In an essay in Foreign Affairs called The Troubled Energy Transition, he notes that since 1990 hydrocarbons have dropped from 85% of primary energy to around 80% today. That can hardly be called a transition. Since 2000 global energy consumption has increased from 397 Exajoules […]
The Receding Energy Crisis
Suppose for a moment that the Sierra Club was a political party, with candidates running and elected officials in government. They might look like Germany’s Green Party, which has drawn support from idealistic German voters since the 1980s. They are politically left, view everything through the narrow prism of environmentalism and have a history of […]