ACC successfully kicked off its From Chemistry to Energy campaign on Capitol Hill yesterday, calling on lawmakers to develop a comprehensive energy strategy pillared by the robust and responsible production of domestic shale gas, improved residential, commercial and industrial energy efficiency, and expanded adoption of energy recovery programs.
Here are some of the ways in which affordable, abundant supplies of domestic shale gas can help the U.S. become more energy secure, create jobs and revive the economy, and build value for the business of chemistry:
Reviving the Economy
An ACC report found that just a 25 percent increase in ethane production made possible by increased supplies of natural gas from shale could generate:
- 17,000 new knowledge-intensive, high-paying jobs within the U.S. chemical industry
- 395,000 additional jobs outside the chemical industry, including 165,000 jobs in supplier industries and 230,000 jobs from new capital investment by the chemical industry
- $32 billion in increased U.S. chemical production
- $16.2 billion in new capital investment by the chemical industry
- $132.4 billion in U.S. economic output
Bolstering U.S. Competitiveness
- Thanks largely to shale gas, chemical exports at the Port of New Orleans jumped 34 percent last year.
- 20 percent of U.S. plastics output was exported in 2010, double the level before the recession.
Fortifying America’s Energy Security
- Increased domestic shale gas production is helping to create affordable, reliable energy.
- Domestic natural gas production grew from 2 percent in 2001 to almost 30 percent in 2011. It is expected to reach 50 percent by 2035.