Texas has begun restoring power after a devastating week of freezing temperatures and winter storms. Still, there is a water and food crisis that remains under boil-water advisories as water scarcity continues. People are going hungry in the state, and reports have surfaced that folks in Texas have to burn their belongings to keep their families warm.
But life is good, apparently, for billionaire Cowboys owner Jerry Jones who owns a natural gas producer that is “cashing in” on a surge in fuel prices, The Dallas Morning News reports. “Comstock Resources Inc. has been able to sell gas from its Haynesville Shale wells in East Texas and northern Louisiana at premium prices since Thursday,” the outlet reports, adding, “as demand jumps amid the cold, gas at some regional hubs has soared past $1,000 per million British thermal units.”
The outlet reports that “gas from Comstock’s Haynesville wells was sold on the spot market for between $15 and $179 per thousand cubic feet, chief financial officer Roland Burns said Wednesday on an earnings call. That translates to between $15.55 and $186 per million British thermal units.” Oh, that’s quite a spike in prices.
“This week is like hitting the jackpot with some of these incredible prices,” Burns said on the call. “Frankly, we were able to sell at super premium prices for a material amount of production.”
Wow, such a warm and generous heart amid an unprecedented crisis that’s come during the raging pandemic.
NBC Sports reports, “That seems good news for Jones, who, two years ago, had a total investment of $1.1 billion in Comstock. His oil and gas company has become the leading producer in one of the nation’s largest natural gas basins.”
And we’re not shaming a wealthy dude for being a wealthy dude, but we are shaming Mr. Burns for doing the happy dance while prices surge during the raging pandemic. As a result of the cold blast that hammered the South, electricity use surged in Texas as residents attempted to stay warm. That caused power plants to go offline, leading to blackouts across the state, leaving roughly 2 million homes without power. But, hey, at least Mr. Burns is happy.
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