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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.
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‘Companies Should Not Be Allowed to Use Hazardous Ingredients in Products People Use’: Michelle Pfeiffer Speaks Up for Safer Cosmetics
The beauty products we put on our skin can have important consequences for our health. Just this March, the U.S. Food and Drug Administration (FDA) warned that some Claire's cosmetics had tested positive for asbestos. But the FDA could only issue a warning, not a recall, because current law does not empower the agency to do so.
Michelle Pfeiffer wants to change that.
The actress and Environmental Working Group (EWG) board member was spotted on Capitol Hill Thursday lobbying lawmakers on behalf of a bill that would increase oversight of the cosmetics industry, The Washington Post reported.
By Julia Conley
Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.
The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.
Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.
President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.
"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.