10/28/14 http://www.plasticsnews.com/article/20141027/NEWS/141029734/sasol-to-build-8-1-billion-petrochemical-complex-in-louisiana “South African firm has given the final OK for a massive petrochemical project in Louisiana.
Johannesburg-based Sasol will spend $8.1 billion to develop an ethane cracker and six petrochemical plants in Lake Charles, officials said in an Oct. 27 news release from the firm and from the state.”
Back in May 2014 the Wall Street Journal wrote…http://online.wsj.com/articles/are-we-underestimating-americas-fracking-boom-1401234486 “The Sasol plant alone is expected to emit 85 times the state’s “threshold” rate of benzene each year.”
9/3/2014 UPDATE http://www.forbes.com/sites/billpowers/2014/09/03/the-popping-of-the-shale-gas-bubble/ “But aren’t there other ways to reduce natural gas demand should production falter? Yes, but they are far more painful. The gas intensive manufacturing industries that are locating new production facilities in the US to take advantage of low prices are going to be very difficult to cut off once the deliverability crisis begins. For example, with US gas prices amongst the cheapest in the world and transportation costs on the rise due to rising oil prices, fertilizer manufacturing in the US is on the rise. A $1.8 billion fertilizer plant is under construction in Iowa and when it is completed late next year it will be a large consumer of natural gas. … chemical companies from around the world are either building or investigating the construction of dozens of new plants to take advantage of cheap American natural gas. Here again, this will be difficult demand to destroy.”
IF YOU ARE A FOREIGN INVESTOR LOOKING FOR CHEAP, ABUNDANT NATURAL GAS..run away…very fast!
On August 8, 2014, Seeking Alpha reported of Natural Gas storage inventory levels…
“We have 13 weeks left before the end of injection season. In the past 17 weeks from April-11 to Aug-01, we only have a net of 36 Bcf more than 2003’s injection. But we need 194 Bcf more (2,600 – 2,406) than 2003 for 2014 in order to fulfill EIA’s target. With this refill rate, we could have a storage number below EIA’s target of 3,431 Bcf by the end of October. Please note the EIA’s target of 3,431 Bcf working gas in storage is still about 11% below the five-year average (3,842 Bcf). This would contribute to support the near term working natural gas future price above $3.5/mmBtu. I here advise readers to be cautious in trading United States Natural GAS (NYSEARCA:UNG) or other shale gas players such as Chesapeake Energy (NYSE:CHK), especially holding short positions at near term NG future price below $4/mmBtu.”
Which could be why Steve Everley (paid fracking shrill) is sooo excited that (gullible?) foreign investors want to utilize/create a demand (like the Chinese wanting to make Methanol here to ship over there to make plastic trinkets) for our cheap (not so cheap in the near future?) abundant (not so economically or environmentally easy to extract!) natural gas here in the US…..which btw is not so reliable to access when needed most.
TCEQ Approves Fines Totaling $964,801
Includes $345,938 against BASF TOTAL Petrochemicals, LLC, in Jefferson County
FOR IMMEDIATE RELEASE
Wednesday, Aug. 6, 2014
Media Contact: Lisa Wheeler Phone: 512-239-5003 / Pager: 512-606-3681
The Texas Commission on Environmental Quality today approved penalties totaling $781,726 against 42 regulated entities for violations of state environmental regulations.
Agreed orders were issued for the following enforcement categories: 11 air quality, one dry cleaner, two industrial waste discharge, two multimedia, two municipal solid waste, one municipal waste discharge, six petroleum storage tank, 16 public water system, and one water quality.
In addition, on July 14 and 28, and August 1, the executive director approved 85 agreed orders, each $7,500 or less, totaling $183,075.
Included in the total are penalties of $345,938 against BASF TOTAL Petrochemicals, LLC, in Jefferson County, for air violations noted in an investigation conducted July 29-Aug. 1, 2013.(note my * inserted…)
“The availability of cheap, abundant, reliable energy is what separates the *wealthy from the **poor and fuels economic growth.” -Robert Bryce
Ok Steve-evilEverley…..If we understand that by having more demand than supply that should drive up the cost of NG …..the winners will then be….
1) Those stakeholders in the fracking industry as profit margins improve (*wealthy).
the losers will be….
1) Those foreign companies that invested here expecting the NG price to stay low.
2) Any power plant that uses NG (instead of coal). Some plants will switch back to coal.
3) Any chemical mfg. here in the US as that will squeeze their profit margins. Not that some of these Halliburton owned chemical companies need to fear price cannibalism….read here to see the latest Chem plant disaster disparity story.
4) The people/animals/air-water-soil/warming planet as fracking for NG ramps back up in response to low supply, high demand (**poor).
Gee Steve…the general public doesn’t want to see their electricity bills and the price of US goods made with NG as fuel feedstock go up in price…but hey if thats what separates the wealthy from the poor…..you better be careful then cause there more of the poor than the rich..and its called public discontent and we Americans have been known to rise up against tyranny.