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.
- Redwoods are the world's tallest trees.
- Now scientists have discovered they are even bigger than we thought.
- Using laser technology they map the 80-meter giants.
- Trees are a key plank in the fight against climate change.
They are among the largest trees in the world, descendants of forests where dinosaurs roamed.
Pixabay / Simi Luft<p><span>Until recently, measuring these trees meant scaling their 80 meter high trunks with a tape measure. Now, a team of scientists from University College London and the University of Maryland uses advanced laser scanning, to create 3D maps and calculate the total mass.</span></p><p>The results are striking: suggesting the trees <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">may be as much as 30% larger than earlier measurements suggested.</a> Part of that could be due to the additional trunks the Redwoods can grow as they age, <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">a process known as reiteration</a>.</p>
New 3D measurements of large redwood trees for biomass and structure. Nature / UCL<p>Measuring the trees more accurately is important because carbon capture will probably play a key role in the battle against climate change. Forest <a href="https://www.wri.org/blog/2020/09/carbon-sequestration-natural-forest-regrowth" target="_blank">growth could absorb billions of tons</a> of carbon dioxide from the atmosphere each year.</p><p>"The importance of big trees is widely-recognised in terms of carbon storage, demographics and impact on their surrounding ecosystems," the authors wrote<a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank"> in the journal Nature</a>. "Unfortunately the importance of big trees is in direct proportion to the difficulty of measuring them."</p><p>Redwoods are so long lived because of their ability to <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">cope with climate change, resist disease and even survive fire damage</a>, the scientists say. Almost a fifth of their volume may be bark, which helps protect them.</p>
Carbon Capture Champions<p><span>Earlier research by scientists at Humboldt University and the University of Washington found that </span><a href="https://www.sciencedirect.com/science/article/pii/S0378112716302584" target="_blank" rel="noopener noreferrer">Redwood forests store almost 2,600 tonnes of carbon per hectare</a><span>, their bark alone containing more carbon than any other neighboring species.</span></p><p>While the importance of trees in fighting climate change is widely accepted, not all species enjoy the same protection as California's coastal Redwoods. In 2019 the world lost the equivalent of <a href="https://www.worldwildlife.org/threats/deforestation-and-forest-degradation" target="_blank" rel="noopener noreferrer">30 soccer fields of forest cover every minute</a>, due to agricultural expansion, logging and fires, according to The Worldwide Fund for Nature (WWF).</p>
Pixabay<p>Although <a href="https://c402277.ssl.cf1.rackcdn.com/publications/1420/files/original/Deforestation_fronts_-_drivers_and_responses_in_a_changing_world_-_full_report_%281%29.pdf?1610810475" target="_blank" rel="noopener noreferrer">the rate of loss is reported to have slowed in recent years</a>, reforesting the world to help stem climate change is a massive task.</p><p><span>That's why the World Economic Forum launched the Trillion Trees Challenge (</span><a href="https://www.1t.org/" target="_blank" rel="noopener noreferrer">1t.org</a><span>) and is engaging organizations and individuals across the globe through its </span><a href="https://uplink.weforum.org/uplink/s/uplink-issue/a002o00000vOf09AAC/trillion-trees" target="_blank" rel="noopener noreferrer">Uplink innovation crowdsourcing platform</a><span> to support the project.</span></p><p>That's backed up by research led by ETH Zurich/Crowther Lab showing there's potential to restore tree coverage across 2.2 billion acres of degraded land.</p><p>"Forests are critical to the health of the planet," according to <a href="https://www.1t.org/" target="_blank" rel="noopener noreferrer">1t.org</a>. "They sequester carbon, regulate global temperatures and freshwater flows, recharge groundwater, anchor fertile soil and act as flood barriers."</p><p><em data-redactor-tag="em" data-verified="redactor">Reposted with permission from the </em><span><em data-redactor-tag="em" data-verified="redactor"><a href="https://www.weforum.org/agenda/2021/03/redwoods-store-more-co2-and-are-more-enormous-than-we-thought/" target="_blank">World Economic Forum</a>.</em></span></p>
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