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An IHS report on unconventional natural gas supplies has produced a gusher of good news for the chemical industry and U.S. manufacturers.
ACC President and CEO Cal Dooley said the study shows “abundant and affordable supplies of natural gas are revitalizing the chemical industry and a providing a competitive edge for manufacturers in the global marketplace.”
IHS Vice President John Larson spoke enthusiastically about the benefits of domestically produced supplies of abundant and affordable natural gas:
[quote]This really is a game changer in energy production for the United States. It’s a really rapid rise and a dramatic shift. You don’t often get to see the words ‘game-changer,’ or ‘sea change’ used around these types of events, but this is one of them. We think it’s one of the most significant energy events in the last 100 years.[/quote]
This isn’t hyperbole. Data in the IHS report justifies Larson’s enthusiasm.
On the job front, the study reported unconventional natural gas production supported 1.7 million jobs this year, projecting that number will double to three million high-paying jobs, many in manufacturing, by 2020.In a Wall Street Journal article, IHS Vice Chairman Daniel Yergin called low-cost natural gas “the real stimulus.”
Consider a trio of highlights in the IHS study:
Best of all, the IHS numbers suggest the natural gas will provide long-term advantages for industrial America. This report, Dooley emphasized, “confirms these benefits from natural gas liquids are not a short-term phenomenon but an ongoing trend expected to last for decades.”
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