Questions About Financial Viability – and Jobs

In the last week there have been an number of articles raising questions about the financial viability of both the Mountain Valley and The Atlantic Coast Pipelines. According to an analyst writing in Forbes on March 7, 2019, “Investors can no longer be entirely sanguine about the possibility that one or both of these projects could be abandoned.” A March 4, 2019, article in the Richmond Times-Dispatch reports that Moody’s Investor Service had rated the ACP “credit negative” because of mounting costs and uncertainty over the project in the wake of the Fourth Circuit Court of Appeals’ decision not to review a December decision to vacate the U.S. Forest Service permit for the project to cross beneath the Appalachian National Scenic Trail. Moody’s stated: “The appeals court’s decision and the subsequent appeal mean that a longer legal process will ensue, adding costs and uncertainty to when and how the project will be completed.”

Jobs?  Many economic studies over the last 5 years have shown that the pipeline will provide few – if any – local construction jobs, and a mere handful of permanent jobs.  Some West Virginia high school students recently found that out for themselves with a research project investigating jobs from the Atlantic Coast Pipeline.  Check out the DeSmog report on their project:  Student Reporters in West Virginia Find Atlantic Coast Pipeline Offers Only Two Dozen Permanent Jobs.  Note especially in the video they made where the ACP project manager admits on camera that the pipeline will create only about 20 full time jobs once it is completed.