October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Executive Summary (4 of 6) Political leadership yields a mixed effect on transmission, hazardous liquid (HL), and gathering construction activity. The Biden administration has been very effective at curtailing activity in this market sector. 8 Interpretive Note: Natural Gas unit cost increased by 10x for easier comparison of volatility relationship to accelerating and decelerating new construction activity. Source: Propriety Continuum analysis of PHMSA raw data, US Energy Information Administration. $0 $20 $40 $60 $80 $100 $120 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 Unit Cost Barrels & Million Btus ($) New Trans., HL, Gathering Mileage Gas Transmission Hazardous Liquid Gathering Crude Oil Natural Gas (10x)
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