According to a recent American Chemistry Council (ACC) report U.S. chemical industry investment linked to shale gas has reached $164 billion.
Washington/USA – According to analysis of the American Chemistry Council (ACC) U.S. chemical industry investment linked to shale gas amounts to $164 Billion. Forty percent of the investment for the 264 projects — new facilities, expansions and factory re-starts — is completed or underway, while 55 percent is in the planning phase.
ACC analysis shows that $164 billion in capital spending could lead to $105 billion per year in new chemical industry output and support 738 000 permanent new jobs across the U.S. economy by 2023, including 69 000 new chemical industry jobs, 357 000 jobs in supplier industries and 312 000 jobs in communities where workers spend their wages. Much of the new investment is geared toward export markets, which can help improve the U.S. trade balance.
Demand: Expanding Infrastructure
“We need the right regulatory and policy approaches in order to fully realize the potential of shale gas as an engine of manufacturing growth,” said ACC Senior Director of Energy Policy Owen Kean. “Policymakers must avoid unreasonable restrictions on oil and gas production on public lands; keep oversight of production on private lands in the hands of the states; and expedite the construction and permitting of infrastructure, such as pipelines, needed to move natural gas and NGLs to market.”
In its report ACC notes that it is also important to ensure a timely, transparent and efficient regulatory permitting process for shale-related manufacturing projects such as new factories and expansions. Companies and state agencies need clarity and certainty about the process and timing for obtaining permits. Legislation introduced in the House last month would help fix longstanding problems with the implementation process for new air quality standards.