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Friday, June 6, 2014

Shale Development a Boon to American Manufacturing

From Energy in Depth:
Shale development has been a boon to American manufacturing, providing low cost energy and affordable feedstock for companies across the country. As a result, the American economy is making a much needed economic comeback, while new jobs that were once thought lost for good are returning to our shores. In fact, a recent report by PricewaterhouseCoopers (PwC) found the development of natural gas from shale could add more than one million U.S. manufacturing jobs by 2025. That’s something to talk about, as many did this week. 
According to a recent analysis from Reuters, low-cost natural gas made a $2.08 trillion contribution to the U.S. manufacturing sector in 2013 alone. Indeed, the increased supply of domestic, affordable natural gas is enhancing America’s manufacturing competiveness, forcing companies to invest in the United States economy instead of abroad. 
As Reuters noted: 
“In the United States, electricity prices are falling thanks to natural gas derived from fracking – the hydraulic fracturing of rock. Louisiana now boasts industrial electricity prices of just $0.055 per kWh, according to U.S. Energy Information Administration data. Peter Huntsman, chief executive of the family firm {Huntsman Corp.}, calls the United States the new global standard for low-cost manufacturing. Huntsman is spending hundreds of millions of dollars to expand in the United States, and rapidly closing plants in Europe.”
Read the rest of this article here. 

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