(Petrolytics) - Hope everyone had a good long weekend. Quick recap of overnight trading:
Dominating the headlines this morning is the news that Berkshire made their first major purchase in a few months - Dominion Energy's gas business. Dovetailing that is the announcement that Dominion and Duke have cancelled the Atlantic Coast Pipeline project. And while the US Supreme Court ruled 7-2 in favor of the project and permitting agencies, a number of delays and uncertainties have rendered the project "too uncertain to justify investing more shareholder capital". Of course, the acquisition was probably a contributing factor as well. API and NABTU issued a statement condemning the cancellation stating that it sets back American employment and denies access to cleaner and affordable US natural gas.
"These challenges cost Americans along its route the environmental, employment, and economic benefits that modern pipeline projects bring"
API and NABTU Presidents
Other than Berkshire's continued bet for fossil fuels, additional key industry developments to watch:
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