A rapid-fire succession of setbacks for big energy pipelines in the United States this week has revealed an uncomfortable truth for the oil and gas industry: environmental activists and landowners opposed to projects have become good at blocking them in court.
) decided to abandon the $8 billion Atlantic Coast Pipeline, meant to move West Virginia natural gas to East Coast markets, after a long delay to clear legal roadblocks almost doubled its estimated cost.
U.S. oil and gas lobby group the American Petroleum Institute is concerned about the “chilling effect” the recent decisions will have on the industry and investor community, said Robin Rorick, API vice president of midstream and industry operations.The unifying factors in all these setbacks were a highly motivated opposition and shoddy regulatory paperwork, according to Josh Price, senior analyst of energy and utilities at Height Capital Markets.
Investors in future will likely favor projects that expand on existing infrastructure and already have in place rights of way and environmental permits, said Jay Hatfield, portfolio manager of the New York-based InfraCap MLP ETF, a fund with a focus on energy pipeline operators.
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