Read time: 16 mins By Justin Mikulka • Tuesday, December 22, 2020 - 07:26
After over a decade of the much-hyped U.S. fracking miracle, the U.S. oil and gas industry is having to deal with years of losses and falling asset values which has dealt the industry a serious financial blow. This is despite the fracking revolution delivering record oil and gas production for the past decade, peaking in 2019.
While the pandemic has hurt the industry, companies have also benefited from excessive bailouts from pandemic relief programs but these bailouts are a stop gap financial band-aid for the struggling industry.
The oil and gas industry has always required huge amounts of money to explore for and produce oil and gas but up until now the industry made returns on those investments
What It s Like Living Next To China s Belt And Road Project What It s Like Living Next To China s Belt And Road Project Earlier this year, a coalition of activist groups published Belt and Road Through My Village, a compilation of interviews with about 100 local residents who live close to BRI projects in five Asian countries.
Updated: December 22, 2020 9:29 am IST
China insists that BRI projects are strictly vetted for environmental impacts and meant to benefit people
A lot has been written about China s multibillion-dollar Belt and Road Initiative. Economists have debated the debt dynamics. Political scientists have analyzed how it fits into the rising power s geopolitical strategy. And climate experts have decried the emissions China is adding to the atmosphere by supporting fossil fuel projects.
Taiwanese giant Formosa Petrochemical Corp. expects its proposed St. James Parish complex could cost more than the $9.4 billion it projected â due to coronavirus pandemic-related delays and construction materials price hikes that a global credit rating agency already says could push the cost toward $12 billion.
If the rating agency s estimate proves correct, that would be a nearly 28% hike in the overall project cost. The estimated cost to build an ethylene project along the U.S. Gulf Coast was projected to increase by 2.7% in 2019 and 3.1% in 2020, according to Compass International. However, that was before the coronavirus pandemic began and impacted construction materials and prompted delays.
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