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  1. Officials Celebrate Completion of Site Development for West Virginia AeroTech Park

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    Stakeholders of North Central West Virginia Airport recently celebrated the culmination of nearly 20 years of hoping and planning.

    Gov. Jim Justice — along with a host of local leaders and officials — participated in a ribbon-cutting ceremony marking the completion of site development for the West Virginia AeroTech Park.

    “Without any question, always, the airports are the heart; they’re the lifeblood of the engine that makes everything go,” Justice said. “You think of what you’ve got going on here. It is off the chart; it is un-flat-believable what’s going on.”

    The AeroTech Park will house the airport’s new terminal building, an expanded taxiway, an enlarged parking lot and will provide ample build-ready land for the continued growth and development of the region’s aerospace industry.

    The park’s future site is now flat and level, but just a year ago, the stretch of land adjacent to W.Va. 279 was buried under approximately 3 million square feet of earth that officials called “the mountain.”

    Ron Watson, former Harrison County commissioner and former president of the Benedum Airport Authority, which governs the airport, said officials had long hoped to “move the mountain” to clear space for a new terminal building.

    “The mountain has always been something that we wanted to get rid of, but we never had the means, and we really didn’t have a good plan,” he said.

    “Before we could do the terminal, we had to get rid of the mountain. That was a long time in the making, and I am delighted to see the progress.”

    Airport Director Rick Rock, looking out over the crowd assembled for the ribbon cutting ceremony, thanked the public for always supporting the airport.

    “One of the finest lessons I learned when I started this job was to get the community to take ownership of it,” he said. “Right here is an example of a community taking ownership of it. I appreciate it — without you none of this is possible.”

    The site development project, handled by Wolfe’s Excavating, was seeded by a state-backed investment announced by Justice in August 2019 — a $10 million grant from the West Virginia Infrastructure and Jobs Development Council and a $10 million loan from the state Economic Development Authority.

    On July 8, the Federal Aviation Administration announced the airport would receive a $15 million grant, the final element needed to greenlight the terminal’s construction.

    Bridgeport Mayor Andy Lang, who sits on the Airport’s Special Projects Committee, said numerous individuals and agencies deserve credit for helping make the project a reality.

    “It was a matter of just getting everybody to the table one-by-one — whether that was the (Federal Aviation Administration), the (West Virginia Department of Environmental Protection), the state, the governor’s office, the Development office, just on and on — to realize what this project could do for North Central West Virginia,” he said.

    Construction of the terminal building is expected to begin next year, Lang said.

    “We should be started on the terminal, digging footers, in the spring,” he said.

    The expansion project is estimated to lead to direct contributions of more than $587 million to the state’s economy each year, according to economists at West Virginia University.

    The total economic impact of construction expenditures for the airport’s terminal expansion project is estimated to be $88 million, of which more than $55 million will be spent directly, and another $33 will be generated in secondary industries, according to analysis from the WVU Bureau of Business and Economic Research.

    The terminal expansion project is estimated to employ about 356 construction workers directly, and another 199 in supplier industries, for a total employment impact of 555 jobs.

    Growth at the airport is estimated to add an additional $16.7 million in expenditures in the local economy over 10 years. Counting secondary impacts, it’s estimated this spending will result in more than $28.5 million in total economic impact over the same 10-year period.

    Expansion on the airport’s campus is expected to allow for the addition of seven to 11 small-to-medium-sized businesses that will either expand or locate in the area, for a total of more than 1,300 new jobs.

    The airport is one of the main reasons North Central West Virginia is one of the state’s two primary centers for economic activity, according to WVU’s John Deskins.

    “This airport and this aerospace sector in Harrison County is one of the key, foundational pieces that is enabling North Central to be a standout region,” he said. “I think that’s pretty important.”

     

    Original Article by Charles Young on August 22, 2022 on wvnews.com

    View Original Article Here

  2. US Natural Gas Prices Spike To 14-Year High. Here’s Why:

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    New York(CNN Business)US natural gas prices have skyrocketed to levels unseen since 2008, a spike that threatens to offset the benefits of falling prices at the gas pump.

    Natural gas futures surged 7% on Tuesday to close at $9.33 per million British thermal unit (BTU), the highest closing price since August 1, 2008.

    Although natural gas futures cooled off a touch on Wednesday, they remain up about 70% just since the end of June. And natural gas is up a staggering 525% since closing at $1.48 in June 2020 when Covid-19 had shut much of the US economy down.

    The summer spike is being driven in part by high demand as scorching temperatures through much of the country force Americans to crank up the air conditioning. That in turn has chipped away at relatively low inventory levels.

    “We’ve had this perma-heat wave cooking the United States,” said Robert Yawger, vice president of energy futures at Mizuho Securities.

    As temperatures drop this fall and winter, the natural gas spike signals sticker shock for families. Not only is natural gas a leading fuel source for the electric grid, it’s the most popular way to heat homes in America.

    “Depending on the weather, it could be a challenging winter,” said Rob Thummel, senior portfolio manager at Tortoise Capital Advisors. “But not as challenging as in Europe. They are at risk of running out of natural gas. We aren’t.”

     

    Europe’s natural gas prices are seven times higher

    Europe’s natural gas crisis is being driven by its reliance on energy from Russia, which has slashed natural gas flows to Europe in response to Western sanctions.

    The European Union has been forced to lay plans to ration natural gas, a drastic step that will hurt families and businesses. Natural gas prices have skyrocketed so high in Europe that it threatens to send the continent’s economy into recession.

    For context, Europe’s natural gas prices are trading at levels equivalent to about $70 per million BTUs, according to Andy Lipow, president of Lipow Oil Associates. That is roughly seven times higher than prices in the United States.

    But that is little consolation to Americans grappling with high prices at the grocery store, clothing stores and at restaurants.

    Even as natural gas prices surge, oil prices have tumbled, helping to drive gasoline prices sharply lower. The national average for regular gasoline has dropped 64 days in a row, according to AAA.

     

    Exports pick-up to Europe

    Analysts say Europe’s natural gas crisis is contributing to the higher natural gas prices in America, although it’s not the main driver.

    “Higher global prices are trickling down to the US. Natural gas has become a global commodity with the emergency of LNG,” said Thummel.

    The United States has stepped up its exports of liquefied natural gas (LNG) to Europe in an effort to mitigate the impact of the loss of Russian gas.

    “Every spare molecule we can find, we are shipping to the eurozone,” said Yawger.

    US natural gas production is lagging behind

    But the bigger issue for US natural gas is the fact that inventory levels are below historical averages, leaving the market with less of a buffer and driving up prices.

    “We entered this year at beaten-down levels and we never caught up,” Yawger said.

    Supply has failed to keep up with strong demand for gas. Thummel pointed to how US oil and gas producers are under pressure from Wall Street to spend less on expensive drilling projects and more on dividends and buybacks to shareholders.

    “We need more US natural gas production. The production levels are too low,” Thummel said.

    The good news is that higher prices should, eventually, incentivize more production. And investors are not betting today’s high prices will continue. The futures market indicates natural gas prices should be almost 50% lower at this point next year.

    Then again, very few people thought a year ago natural gas prices would be at 2008 levels. And yet here we are.

    Original Article by Matt Egan, CNN Business on August 17, 2022. 

    Read Original Article Here