...speak of your love for this great nation [USA]. We don't, not in a deep way and not enough. Even our President doesn't. He tries, but he can't get it right because it's all so abstract to him. He associates patriotism with nationalism. But patriotism springs from legitimate love and gratitude, nationalism from shallow aggression and conceit. Obama confuses the two, can't get them straight in his head, and winds up saying little, badly.Whatever your feelings about Ronald Reagan, he understood the difference between patriotism and nationalism.
Saturday, July 17, 2010
Patriotism vs Nationalism
Again, Peggy Noonan hits the target.
TransCanada Keystone Pipeline Makes First Delivery of Oil
Click here:
You can see maps of the pipeline and the proposed expansion, as well as other information at this site.
The first phase of the $12 billion Keystone Pipeline that runs from Hardisty, Alberta (Canada), south through North and South Dakota (USA) started up with commercial deliveries at the end of June to markets in Illinois.By the way, it is not only Henry Waxman trying to stop the project; Montana governor Schweitzer is also on record as wanting to delay the project, albeit perhaps for different reasons.
This comes as controversy over the Keystone XL Pipeline, that runs through Montana and South Dakota, continues with Democratic congressmen pushing for delays while more environmental evaluation is completed.
You can see maps of the pipeline and the proposed expansion, as well as other information at this site.
UPDATES
New York Times, July 6, 2010.
Bakken Activity Overwhelms Title Attorneys; Royalties Delayed
Click here; then click on "NEWS" at top of that web page; and then scroll down for article. It cannot be directly linked without subscription.
Royalty payments are being delayed due to number of mineral owners with increasing size of units to 1280 and 2560 acres. In addition, there has been another generation of heirs (two generations in some cases) since the boom began.
Folks will eventually get their money, but it might take some time. The good news: delays past 150 days results in 18 percent interest.
EOG seems to have best process; they have partnered with law firm to manage the program and have everything in place before they even begin to drill. That could explain why I have seen relative delay in new permits for EOG.
Royalty payments are being delayed due to number of mineral owners with increasing size of units to 1280 and 2560 acres. In addition, there has been another generation of heirs (two generations in some cases) since the boom began.
Folks will eventually get their money, but it might take some time. The good news: delays past 150 days results in 18 percent interest.
EOG seems to have best process; they have partnered with law firm to manage the program and have everything in place before they even begin to drill. That could explain why I have seen relative delay in new permits for EOG.
Kinder Morgan to Go Public
This is a huge story: Kinder Morgan proceeds with plans to go public.
This article has a number of interesting pearls in it, particularly the comments about the relative monopoly these pipeline companies have due to their regional dominance and little overlap. There is a huge moat into entry into the industry in general, and into a new region specifically. With the current administration, I assume it's almost impossible to put in new pipelines. All they can do is improve / enlarge the pipelines that already exist.
Example: Representative Henry Waxman is leading efforts to stop the TransCanada Keystone XL pipeline. The project won't be stopped, but it will certainly be delayed, and the cost will go up.
This should give us a good idea what pipelines like Enbridge are really worth. This announcement that Kinder Morgan plans to go public might explain why EEP has continued to appreciate in share price over the past few days. EEP had a surprisingly good day yesterday despite a market downturn of over 2 percent.
Update, July 19, 2010: ENB continues to rise; EEP hits a new 52-week high, busting through trading range; actually quite spectacular.
This article has a number of interesting pearls in it, particularly the comments about the relative monopoly these pipeline companies have due to their regional dominance and little overlap. There is a huge moat into entry into the industry in general, and into a new region specifically. With the current administration, I assume it's almost impossible to put in new pipelines. All they can do is improve / enlarge the pipelines that already exist.
Example: Representative Henry Waxman is leading efforts to stop the TransCanada Keystone XL pipeline. The project won't be stopped, but it will certainly be delayed, and the cost will go up.
This should give us a good idea what pipelines like Enbridge are really worth. This announcement that Kinder Morgan plans to go public might explain why EEP has continued to appreciate in share price over the past few days. EEP had a surprisingly good day yesterday despite a market downturn of over 2 percent.
UPDATES
Update, July 19, 2010: ENB continues to rise; EEP hits a new 52-week high, busting through trading range; actually quite spectacular.
EPA Continues Its Efforts to Regulate Fracking
The study continues. It is due to be completed in 2012.
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