Yesterday the stock market suffered its worst day in over a year. At the time of 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.
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 Master Limiter coming across the state and into areas where it connects with other pipelines doing the exact same thing. I drive by this complex nearly every day. Williams, a variable billion dollar master limited partnership (MLP), is a dependable pipeline operator (according to Wells Fargo) with a lengthy history of paying its owners steady and growing returns. An owner is somebody who owns the Williams MLP which trades on the New York Stock Exchange.
I got out of my car and heard the steady hum of the compressor engines which propel natural gas through a huge selection of miles of pipelines. As an owner of Williams (and other pipelines), that humming sound implies that my company is moving natural gas around the world 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 change anything here. I don’t think the issues with Europe, the Euro and the stock market affect the operations of any solid U.S. pipelines.