Energy Secretary Wright on Diesel Shortage, Gas Prices, Oil Shipping
Channel: Bloomberg Television
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Read a transcript preview of “Energy Secretary Wright on Diesel Shortage, Gas Prices, Oil Shipping” from Bloomberg Television, uploaded on 2026-10-19.
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Language: English (creator captions)
[0:00] An old pipeline that's being reinvigorated to bring natural gas from
[0:04] Pennsylvania to New York. What's the status of this and what kind
[0:08] of timeline would a project like that take?
[0:11] So already a year behind what we had hoped.
[0:14] We I just came from the Cricket Valley combined cycle natural gas power plant
[0:19] 70 miles north of this modern phenomenal plant.
[0:23] Uh, when it gets cold in the wintertime, which is most of the peaks now, peak
[0:26] demand time. Can't get enough gas to run the plant or
[0:29] the price is so outrageously high the economics don't work.
[0:33] So this is a problem that's been around for a while.
[0:36] So the Constitution pipeline from Pennsylvania up to a connector point in
[0:41] upstate New York would would significantly increase the
[0:45] deliverability of gas to upstate New York and to all six states in New
[0:49] England. So what we announced today was $42
[0:52] million of Defense Production Act funding.
[0:56] It's sort of risk capital that would fund the environmental studies, all the
[1:00] permitting work to run through this. If the project gets permanent and we
[1:04] expect it will be, then Williams, the developer of the pipeline, will pay all
[1:08] of that, and the money will go to natural gas storage or something else in
[1:11] the system. But they tried to build this pipeline 12
[1:15] or 14 years ago, spent years on it, got it approved, and then the governor of
[1:19] New York failed to give it a water permit.
[1:22] So if we if things go smoothly and I think there's a reasonable chance of
[1:26] that, it should be under construction in the spring and in-service