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 a far more positive note, my lovely daughter Perry graduated from college.
Along the way into my office in Wayne PA, I drove by the Williams natural gas pipeline facility in Malvern. It’s a huge pumping station that sends natural gas on its way across the state and into areas where it connects with other pipelines doing exactly Master Limiter the same thing. I drive by this complex nearly every day. Williams, a variable billion dollar master limited partnership (MLP), is really a dependable pipeline operator (according to Wells Fargo) with a lengthy history of paying its owners steady and growing returns. A manager is a person who owns the Williams MLP which trades on the New York Stock Exchange.
I acquired out of my car and paid attention 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 means 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 over the massive pumping station with the sun reflecting off the communications tower. The difficulties with Greece and the Euro didn’t seem to alter anything here. I don’t think the problems with Europe, the Euro and the stock market affect the operations of any solid U.S. pipelines.