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..
Williams Companies Sees A Climate Change Winner In Natural Gas
Last week Williams Companies (WMB) held their first ever ESG Event. As might be expected, the most interesting parts were on the “E” (Environmental). It’s hard to find much original to say on Social issues, and Governance should simply mean following industry best practice. WMB is in a position to be a big winner from […]
Emissions To Rise Under Democrats
By the end of President Biden’s first year in office, his administration’s report card on climate change will offer some uncomfortable facts. Natural gas, after taking market share from coal for power generation under the Trump administration, will see those gains reversed. In the U.S. Energy Information Administration’s (EIA) most recent Short Term Energy Outlook, […]
Warnings Of Inflation Grow
In early November when Pfizer’s vaccine announcement triggered a strong rally, technology stocks lagged small cap value. Having been out of favor for years, the Russell 2000 sprang to life, drawing in buyers at the expense of tech. The relative movement of tech to value, defined as the ratio of the Nasdaq and Russell 2000 […]
Democrats Will Test The Limits On Spending
Modern Monetary Theory (MMT) is taking hold. Relying on the insight that a government can never go bankrupt in its own currency, it posits that deficits don’t matter until they cause inflation (see our review of The Deficit Myth by Stephanie Kelton). On a week that incoming President Biden unveiled a $1.9TN package to fight […]
Renewables: More Capacity, Less Utilization
The U.S. Energy Information Administration (EIA) is generally apolitical – they’re not championing any single energy source. That may change under the new Administration, and they may become a shrill for renewables, but so far, they largely report data. Yesterday their website carried Renewables account for most new U.S. electricity generating capacity in 2021, highlighting […]