While Texas slowly recovers from its power outages and Texans become accustomed to freezing temperatures, clean water shortages, empty supermarket shelves and sky-high utility bills, some are celebrating the disaster.
Dallas billionaire and Dallas Cowboys owner Jerry Jones, is cashing in on the crisis. Demand for what little natural gas the state can access has soared amid the crisis as millions have gone without power this week, and consequently, wholesale gas prices have gone up nearly 300-fold.
The chief financial officer of the natural gas company owned by Jones, Comstock Resources Inc., had this to say on a call with investors about the crisis:
“Obviously, this week is like hitting the jackpot with some of these incredible prices…. Frankly, we were able to sell at super premium prices for a material amount of production.”
The company could be selling their product at anywhere from six to 74 times what they were selling for on average last quarter.
Such news warmed the cold callous hearts of investors as the company’s stock shot up about 12 percent. Jones, who had $1.1 billion invested in the company in 2019, will likely profit handsomely off of this energy crisis that experts now say was largely caused by failures of the natural gas industry in the state at large.
Billionaire Dallas Cowboys Owner and Oil Man Cashes in on Texas Blackout Crisis (truthout.org)
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