Yesterday the stock market suffered its worst day in over a year. By May 21, 2010, the Euro has dropped by 15% and the U.S. stock market has declined over 10%. Workers in Greece are striking, causing violence. On an even more positive note, my lovely daughter Perry graduated from college.
On the road into my office in Wayne PA, I drove by the Williams natural gas pipeline facility in Malvern. It is an enormous pumping station that sends natural gas returning across their state and into areas where it connects with other pipelines doing exactly the same thing. Gain Reduction I drive by this complex just about any day. Williams, a multiple billion dollar master limited partnership (MLP), is really a reliable pipeline operator (according to Wells Fargo) with a long history of paying its owners steady and growing returns. A manager is an individual who owns the Williams MLP which trades on the New York Stock Exchange.
I obtained out of my car and listened to the steady hum of the compressor engines which propel natural gas through a huge selection of miles of pipelines. As a manager of Williams (and other pipelines), that humming sound ensures that my company is moving natural gas in the united states and paying me the toll.
I listened carefully to the hum of the engines and looked at the massive pumping station with the sun reflecting off the communications tower. The issues with Greece and the Euro didn’t seem to alter anything here. I don’t think the difficulties with Europe, the Euro and the stock market affect the operations of any solid U.S. pipelines.