Democrats’ Energy Doubletalk

A top Biden Administration energy advisor is branding shale gas and oil investors as “un-American” for urging Exxon and other firms to prioritize dividends over increased production.As Europe struggles to keep itself warm, the “international energy envoy,” Amos Hochstein, tells the Financial Times Sunday that “we are asking you to increase production and seize the moment.”This is, of course, a rich comment coming from an Administration which has blocked the pipeline construction needed to get gas to market. And in charging that rewarding investors is “unfair to the American public,” Mr. Hochstein overlooks the fact that Exxon is not Standard Oil and its owner is not John D. Rockefeller; its top shareholders include Vanguard and BlackRock, managers of pension funds for millions of Americans.Yet if Wall Street is un-American for not promoting more oil and gas production, what does that make Governor Hochul? New York state has substantial untapped energy reserves but — in contrast to neighboring Pennsylvania and Ohio — refuses to permit any drilling at all.The Marcellus and Utica shale deposits stretch across 7 states and, according to the U.S. Geological Survey, and contain an estimated 214 trillion cubic feet of “recoverable” natural gas. That estimate has risen from just 2 trillion in 20 years—thanks to improved “drilling technology”. It is “the largest natural gas area in the United State as ranked by estimated proved reserve,” the Energy Information Administration says. Indeed, current total American natural gas exports pale in comparison. In 2020 natural gas exports totaled just 5,284 billion cubic feet. New York is the only one of seven states to ban fracking outright. At the same time, the Energy Information Center reports it is the sixth largest consumer gas consumer state. Unsuccessful Republican gubernatorial candidate Lee Zeldin had pushed to lift that ban but Ms. Hochul has called the idea “dead on arrival.”But if failing to boost the economy and help a freezing Europe are un-American, Ms. Hochul’s fracking ban certainly qualifies. In effect, she is calling on neighboring states, as well as Texas, Louisiana, and Oklahoma, to supply Europe, while New York chooses to be a consumer not a producer. One could call it an energy parasite. Its ban harms not only exports but its own employment. The Marcellus and Utica reserves can be found under 22 of New York’s 62 counties. These include Seneca County, where the Census Bureau reports the poverty rate is 11 percent; Otsego County, where it is 12 percent; and Allegany County, where the per capita income is just $26,000 and the poverty rate tops 15 percent.In neighboring Pennsylvania — directly bordering New York’s “southern tier” where gas is found — fracking, directly or indirectly, supports some 600,000 jobs. Online advertisements for entry-level fracking-related jobs promise $19 to $23 an hour. Some positions pay more than $100,000 a year. New York’s ban on fracking is part of the reason the state’s electricity prices are 22 percent above the national average. Its home heating costs have soared. One utility — in the region where fracking could occur — estimates its bills will rise 39 percent this year, raising the cost for the season to $943. What’s more, the state’s largest utility, Consolidated Edison, has imposed a moratorium on new natural gas connections in one of the state’s largest counties. Memo to the Biden White House: New York State’s fracking ban is un-American both for its impact on the American public and the indirect assist it gives Vladimir Putin. Time to let Governor Hochul know.

Democrats’ Energy Doubletalk

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