The American Chemistry Council recently announced that potential new U.S. chemical industry investment spurred by shale gas has surpassed $100 billion. The nearly 150 projects that have been reported – restarts, expansions, and brand new facilities – could create an estimated $81 billion per year in new chemical industry output and 637,000 permanent jobs by 2023.
Due to expanded supplies of natural gas and natural gas liquids (NGLs) from shale, the U.S. is now the most attractive place in the world to invest in chemical manufacturing. American chemistry has become the engine for a U.S. manufacturing renaissance.
If you’re excited about the huge growth prospects for our industry, you’re not alone. Here’s what people are saying about the news:
“Shale development is providing an array of economic benefits across the United States, creating jobs and reducing our reliance on energy imports, all while providing affordable, clean-burning natural gas for American consumers,” writes EID’s Dana Bohan. “But one of the most remarkable achievements of the shale revolution is its dramatic impact on America’s manufacturing sector.” . . .
“Watch EID’s latest video — U.S. Shale Brings Manufacturing Back to America — and hear what industry leaders are saying about this amazing opportunity for the U.S. economy and jobs.”
“Even in a business that deals with big numbers, $100 billion makes one sit up and take notice,” writes Ken Cohen, vice president of public and government affairs at Exxon Mobil Corporation. “That $100 billion figure is the amount that the U.S. chemical industry estimates is the total investment linked to domestic natural gas produced from shale regions such as the Marcellus.” . . .
“Among this proposed investment is ExxonMobil’s planned expansion of our Baytown, TX chemical facilities. I have noted before that the project to convert natural gas liquids into ethylene and then into premium polyethylene plastic would create thousands of jobs and increase regional economic activity by $870 million per year.”
“The abundance of shale gas and natural gas liquids could lead to $100 billion in capital investment in the U.S. chemical industry in the next 10 years, according to a study released this month by the American Chemistry Council,” reports Jim Ross.
“‘It’s a very exciting time to be in this industry,’ said Martha Moore, senior director of economics and statistics at the American Chemistry Council.” “’The availability of natural gas liquids is going to quadruple by 2025, and a large part of that is going to come from the Appalachian region.’”
“The American Chemistry Council’s president said the shale natural gas industry has put the U.S. chemical sector at the top of the list for investments.” . . .
“The ACC said there are 148 projects planned for domestic shale gas operations, including new production facilities and expansions, and that, combined, they could lead to $100.2 billion in new investments in the U.S. chemical industry.” . . .
“The number keeps climbing higher for the amount of shale-related chemical investment in the U.S.,” Molly Ryan reports. “The American Chemistry Council said the amount of publicly announced U.S. shale-related chemical investment has officially topped $100 billion.”
“The Washington, D.C.-based chemical industry group gathered a list of 148 proposed chemical investments between 2010 and 2023 and found that chemical companies are planning to spend $100.2 billion in the U.S. The vast majority of the companies’ new projects are in the Gulf Coast area.” . . .
“Although all of the projects are not guaranteed to break ground — many proposed projects still have to go through regulatory and financing processes — there is no doubt that the proposed investment is the opening signal of what many call a ‘manufacturing renaissance.’”
“The American Chemistry Council said Thursday that potential U.S. chemical industry investment linked to plentiful and affordable natural gas and natural gas liquids from shale formations has topped $100 billion.”. . .
“’Given the enormous benefits of shale-related manufacturing, we are encouraged by President Obama’s pledge to help make sure these projects happen,’ [ACC President and CEO Cal] Dooley [said]. ‘We’re glad the White House agrees that regulatory permitting issues must not be a roadblock to new U.S. investment, and we are excited to get these projects approved and built.’” . . .
“President Obama highlighted shale gas and the need for prompt approval of manufacturing projects during his State of the Union Address. Companies investing in large-scale manufacturing projects such as new factories and expansions face a complex permitting process that includes federal, state and local requirements. To go forward, these companies need certainty as to the processes and timing for obtaining permits. Other policies key to realizing the shale gas opportunity include access to domestic natural gas resources; responsible, state-based regulation of production; and rapid development of infrastructure to transport supplies.”
As Lindsay Frost reports, “The American Chemistry Council (ACC) announced today that announced US chemical industry investment linked to shale gas now tops $100 billion. As of this month, 148 projects valued at $100.2 billion have been announced, ACC says.”
“These projects, including new factories, expansions and process changes to increase capacity, could potentially lead to $81 billion/year in new chemical industry output and 637,000 permanent new jobs by 2023, ACC says. Over half of the investment is by firms headquartered outside of the United States.” . . .
“Cal Dooley, president and CEO of the American Chemistry Council (ACC), said an analysis by the council shows that new investments in domestic US chemical and plastics manufacturing have topped $100bn,” Joe Kamalick reports.
“Given the enormous growth potential represented in the new projects, Dooley said he was ‘encouraged by President Obama’s pledge to help make sure these projects happen.’”
“An unprecedented boom for the U.S. chemical industry is under way thanks to cheap, abundant energy from shale natural gas, says a new report from the American Chemistry Council, an industry trade group,” writes Mike McCoy.
“More than $100 billion worth of new chemical facilities that will take advantage of natural gas from shale are planned for the U.S. over the next 10 years, ACC says.” “Even after adjusting for inflation, ‘we can say that this dwarfs the 1940s, 1950s, or 1960s investment waves,’ ACC Chief Economist T. Kevin Swift says. ‘Actually, it dwarfs everything.’”
“Plentiful and affordable natural gas and natural gas liquids from US shale formations are spurring North America petrochemical capital expenditures,” senior editor Conglin Xu says. “OGJ forecasts US petrochemical spending to increase 51% to $5.6 billion in 2014 and also revised up estimates for the previous 2 years. According to the American Chemistry Council, incremental US chemical industry capital expenditures through 2023 arising from shale gas-induced renewed competitiveness reached $100 billion (in 2012 dollars). Petrochemical spending comprises the bulk of new capital investment.”
Oil and Gas Journal – Potential chemical investment due to low gas prices tops $100 billion (02/20/14)
As OGJ Washington Editor Nick Snow reports, “Potential US chemical industry investment linked to plentiful and affordable natural gas and natural gas liquids from domestic shale formations has topped $100 billion, the American Chemistry Council announced.”
“It said 148 projects valued at $100.2 billion have been announced as of February. The new factories, expansions, and process changes to increase capacity could lead to $81 billion/year in new chemical industry output and 637,000 permanent new jobs by 2023, the trade association representing chemical manufacturers noted.”
Marcellus Shale Coalition – By The Numbers: Marcellus Production Soars, Benefits Cascade Across Our Economy (02/21/14)
“ACC announced today that potential U.S. chemical industry investment linked to plentiful and affordable natural gas and natural gas liquids from shale formations has topped $100 billion. “
“As of this month, 148 projects valued at $100.2 billion have been announced. These projects—new factories, expansions and process changes to increase capacity—could lead to $81 billion per year in new chemical industry output and 637,000 permanent new jobs by 2023. (American Chemistry Council, 2/20/14)”
“The surging supplies of oil and natural gas are spearheading a revival of chemical and manufacturing investment in regions of the country where oil and gas are being developed,” write the editors over at Real Clear Energy.
“‘The American Chemistry Council announced that ‘potential U.S. chemical industry investment has now topped $100 billion’ with ‘more than half of the investment dollars come from firms based outside the U.S.’ which will lead to high-paying jobs. In addition, access to more affordable energy is spurring job creation by helping to revitalize America’s manufacturing base.’”
“How important has the shale energy boom been to jobs and the economy? Very important. Mark Mills of the Manhattan Institute writes in a new report that the oil and natural gas sector has ‘provided a greater single boost to the U.S. economy than any other sector.’” . . .
“Also because of plentiful natural gas, the American Chemistry Council announced that ‘potential U.S. chemical industry investment has now topped $100 billion’ with ‘more than half of the investment dollars come from firms based outside the U.S.’ which will lead to high-paying jobs. In addition, access to more affordable energy is spurring job creation by helping to revitalize America’s manufacturing base.”
“Shale gas boom in the US has led to investment of about $100 billion in the chemical industry. According to the American Chemistry Council (ACC), potential US chemical industry investment linked to plentiful and affordable natural gas and natural gas liquids from shale formations has topped $100 billion. As of this month, 148 projects valued at $100.2 billion have been announced.” . . .
“Chemical makers are transforming domestic energy into a stronger economy and new jobs. Between 2010 and 2023, $100.2 billion in increased capital spending can create an estimated 55,000 permanent new chemical industry jobs, 314,000 jobs in supplier industries and 267,000 payroll-induced jobs in communities where workers spend their wages, ACC’s analysis showed. An additional 222,000 temporary jobs will be created during the capital investment phase, which peaks in 2016.”
Hydrocarbon Processing – ACC predicts over $100 billion of investment for US chemical industry (02/21/14)
“The American Chemistry Council (ACC) reported that potential investment in the US chemical will reach over $100 Billion (B). This wave of activity is supported by abundant and affordable natural gas and natural gas liquids from shale formations.” . . .
“At present, 148 projects valued at $100.2 B have been announced. These projects include new grassroots facilities, expansions and process changes; all are aimed to increase production capacity and output. The new investment activity could lead to $81 B/year in new chemical industry output and 637,000 permanent new jobs by 2023. Over half of the investment is by firms based outside the US.”
“U.S. shale gas boom has spurred more than US$100 billion in investments in the chemical industry. More than half of the investment is by firms based outside the United States.” . . .
“‘This is a historic milestone for America’s chemical industry and proof that shale gas is a powerful driver of manufacturing growth,’ ACC president and CEO Cal Dooley. ‘Thanks to the shale gas production boom, the United States is the most attractive place in the world to invest in chemical and plastics manufacturing.’”