Jerry Jones Net Worth: Dallas Cowboys Owner Is 'Hitting The Jackpot' As Texas Freezes
Dallas Cowboys owner Jerry Jones has raked in profits through natural gas price hikes as Texans freeze. With a controlling stake in shale drilling company Comstock Resources Inc., Jones has emerged as one of few winners in the winter storm ravaging Texas, NPR reports.
The bump isn’t expected to last as temperatures rise through the weekend, but in the meantime, the storms have spiked demand and reduced supply through crumbling infrastructure and freezing wind.
It’s sent natural gas prices from $2.40 per thousand cubic feet to as high as $179 per thousand cubic feet.
"Obviously, this week is like hitting the jackpot," Comstock Resources President Roland Burns said Wednesday.
It’s not yet known how this will affect the riches of one of the NFL’s wealthiest owners, but Jones’ fortune sits at $8.7 billion, according to Forbes.
The storm has had a negative impact on some fossil fuel companies, but Comstock was already expanding production throughout its holdings in Texas and Louisiana on a bet that natural gas prices would go up. It’s hard to imagine a circumstance that would better pay that off than the storm’s current “super-premium” price spike.
For average Texans and their businesses, however, the situation might not look so rosy. Many have been priced out of gas right as they needed heating most, and some industries saw their supply forcibly cut amid shortages.
“Our natural gas providers said if you continue to run, your cost will go from $3 per dekatherm to $300 per dekatherm because of the shortage,” Rance Miles, chief executive of Select Milk Producers, told the Washington Post earlier in the week. “Our bill would go from $3,000 per day to $300,000, and I said fine, otherwise we’ll have to dispose of that milk and lose $800,000 per day. But they shut us down anyway on Sunday, probably through Thursday.”
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