Judge's DAPL Ruling, Reckless Spill Record Pushes Pipeline Company's Shares Below $20 for First Time
After crunching the numbers from the Pipeline and Hazardous Materials Safety Administration (PHMSA), TheStreet revealed that the Dallas-based company spilled hazardous liquids near water crossings more than twice the frequency of any other U.S. pipeline company this decade.
According to the report:
"The company has spilled hazardous liquids five times near water crossings since 2010 when PHMSA started collecting detailed data. The company's spills account for almost 20% of all hazardous liquid spills near water crossings since 2010, primarily because of a 55,000-gallon gasoline spill in 2016 near the Susquehanna River in Lycoming County, Pennsylvania. TheStreet only included onshore spills in its analysis, and included subsidiary companies.
"Since 2010, the company has spilled hazardous liquids 204 times in all, ranking only behind Enterprise Products Partners LP (EPD) and Magellan Midstream Partners, LP MMP, according to TheStreet's tally."
Energy Transfer owns about 71,000 miles of natural gas, natural gas liquids, refined products and crude oil pipelines across the country.
Alexis Daniel, an Energy Transfer spokesperson, defended the company's safety record.
"Not only does Energy Transfer Partners adhere to the approved regulatory standards, but it is always Energy Transfer Partners' priority to go above and beyond when building pipelines and is a common practice on all projects," she told TheStreet. "For example on Rover, the pipeline route will be flown every ten days, weather permitting, versus every 14 days which is the current requirement, for visual inspection of the pipeline."
Still, it's been a rough few months for Energy Transfer. In May, the Federal Energy Regulatory Commission (FERC) rejected the Energy Transfer's request to resume horizontal directional drilling at two sites for the Rover Pipeline after numerous leaks into Ohio's wetlands (including 2 million gallons of drilling fluid spill near the Tuscarawas River) in addition to various Clean Air and Clean Water act violations across the state.
And earlier this week, a federal judge ruled that that the Trump administration failed to consider the Dakota Access Pipeline's impact on the hunting and fishing rights of the Standing Rock Sioux Tribe. While the ruling did not shut down operations on the oil pipeline, which started flowing earlier this month, the judge has ordered a new environmental review.
A day after the judge's order, Energy Transfer shares fell to $19.53 on Friday—the first time it fell below $20 a share. The stock also slid 11 percent after FERC's order last month.
Energy Transfers stock chart for April, May and June. NYSE: ETP
Earlier reports have also highlighted the company's frequent spill and accident rate. A February analysis from the Louisiana Bucket Brigade and DisasterMap.net found that Energy Transfer and its subsidiary Sunoco have filed 69 accidents over the past two years to the National Response Center, the federal contact point for oil spills and industrial accidents. That's 2.8 accidents every month, the analysis noted.
However, spills are not the only problem. A June study by Oil Change International highlighted how the Rover Pipeline will fuel a massive increase in climate pollution, causing as much greenhouse gas pollution as 42 coal-fired power plants—some 145 million metric tons per year.
By Tim Radford
Scientists have calculated yet another item on the human shopping list that makes up the modern world: plastics. They have estimated the mass of all the plastic bottles, bags, cups, toys, instruments and fabrics ever produced and tracked its whereabouts, as yet another index of the phenomenal change to the face of the planet made by recent human advance.
Altogether, since about 1950, with the birth of a new industry, more than 8.3 billion tonnes (or 9.1 tons) of synthetic organic polymers have been generated, distributed and discarded. Of that total, 6.3 billion tonnes are classified as waste.
By Jessica Corbett
As Senate Democrats stay silent on an energy bill that environmental groups call "a pro-fracking giveaway to oil and gas interests that would commit America to decades more of dangerous fossil fuel dependence," Sen. Bernie Sanders (I-Vt.) is receiving applause for speaking out against it.
"As a nation, our job is to move away from fossil fuels toward sustainable energy and energy efficiency. This bill does the opposite," Sanders said in a statement.
ExxonMobil filed suit against the federal government last week, claiming that a $2 million fine levied against the company by the Treasury Department is "unlawful" and "capricious."
The Treasury Department fined Exxon Thursday morning, alleging that the oil giant displayed "reckless disregard" of U.S.-Russian sanctions in its dealings with Russian company Rosneft in 2014 under CEO Rex Tillerson.
By Andy Rowell
For years, environmentalists have warned that due to climate change, there will be billions of barrels of oil that we will never be able to burn. These reserves will become what has increasingly been called "stranded assets."
To give you one example: In a new report, Friends of the Earth argued that "The coal, oil and gas in reserves already in production and development globally is more than we can afford to burn. There is no room for any new coal, oil or gas exploration and production.
Late last year, the tiny house community celebrated a watershed moment—an official appendix in the 2018 version of the International Residential Code, the model building code used by most jurisdictions in the U.S.
"There are many things that are monumental in the adoption of tiny house construction codes by the IRC," cheered Thom Stanton, the CEO of small space developer, Timber Trails. "Among them, that architects, designers, builders, community developers and (maybe most importantly) zoning officials have a means of recognizing tiny houses as an official form of permissible dwelling."
The colossal mass of throwaway plastic—from straws to bags to bottles—has grown much faster than recycling and disposal efforts can contain it. You might even say this is obvious, no matter where you look.
Check out this video from National Geographic to watch underwater photographer Huai Su film a diver collecting an endless amount of plastic bottles that litter the seafloor off Xiaoliuqiu Island, Taiwan.
A reef off the coast of Cancún will become the first in the world with its own insurance policy, testing a new strategy meant to encourage local investment in the wellbeing of the reef.
Under the policy, created by insurance company Swiss Re and the Nature Conservancy, local hotels and other organizations dependent on tourism will pay into the policy, receiving reimbursements to repair the reef and local beaches after natural disasters.
The Northeast Organic Farming Association of New York (NOFA-NY) denounced the USDA's permit for the world's first open-air trials of the Genetically Engineered (GE) Diamondback moth to be released in Geneva, New York.
This announcement came concurrently with the availability of a final environmental assessment and finding of no significant impact for the field release of the GE Diamondback moths. NOFA-NY considers the Environmental Assessment lacking comprehensive health and environmental details.