Published by Oil Change International.
A new report by Oil Change International on the Mountain Valley Pipeline (MVP) reveals that banks have continued pouring money into the project over recent years, despite numerous warnings that the project has been financially unsustainable and a threat to the climate.
This analysis, an update to our 2017 report, reveals that the estimated cost of the Mountain Valley Pipeline has nearly doubled since 2017, increasing the potential project cost from USD 3.5 billion to between $6.3 and $6.5 billion.
While the project’s original construction end date has shifted from late 2018 to late-2021, additional analysis by the Allegheny-Blue Ridge Alliance reveals that only 51 percent of the pipeline’s sections are fully constructed. With repeated and ongoing construction delays, and the project still lacking some required permits, a late-2021 completion looks highly uncertain.
Nevertheless, major U.S. banks continue to stand behind the project, and have increased funding to EQT Midstream Partners (EQM), the driving force behind the 301-mile, fracked-gas project. Since 2017, banks and their related capital market institutions have increased their finance to EQM from $1.25 billion to $9.5 billion, with eight of the top ten financiers being main-street U.S. banks.
ountain Valley Pipeline is tanking-Disinvest now
Freeman Hobs Allan
Nov 12, 2020, 1:07 PM (2 days ago)
to jamie.dimon, bill.demchak, brian.t.moynihan, John.G.Stumpf, michael.l.corbat, andrew.cecere, bharat.masrani, eradtke, tgravitt, akedem, mdrew-lytle, bcc: stop-pipelines-wvvanc
TO: JP Morgan Chase, Bank of America, TD, PNC, Union Bank, Wells Fargo, Citigroup and U.S. Bank.
Dear CEOs Dimon, Moynihan, Masrani, Demchak, Cummings, Stumpf, Corbat and Cecere-
Have you ever even SEEN the slopes on the MVP route you are invested in? As a former pipeline welder I assure you that long-pipestick runs at greater than 45 degrees guarantees ruptures and pollution. Chase, BoA,TD,PNC,Fargo,Citi & MUFG will be left holding the bag for repairs. It will be a disaster for your investors and reflect on you personally. Three years of delays, huge cost overruns.I urge you. Disinvest MVP now!
Your truly, Richard Allan
PS to Mssrs Dimon and Moynihan: Until Chase decided to invest billions more $$$ into hydrocarbons, and until BoA plundered the savings of disadvantaged homeowners with mortgage-loan pleas, I was your customer. Out here in the heartland what you did really hurt our feelings and wallets.
Richard H. “Freeman” Allan III – 1425 Trailside Ct #102
Charlottesville VA 22911 firstname.lastname@example.org 434-409-8666
Independent Scholar-Virginia Foundation for the Humanities; Author; Researcher; Iconologist; Environmental Activist
Aim to serve others and Planet Earth. Try a smaller footprint. Laugh more! Need less stuff.
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