• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 6 hours WTI @ $75.75, headed for $64 - 67
  • 2 hours Censorship has a price: Google’s CEO Defends Potential Return to China
  • 4 hours Gold price on a rise...
  • 3 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
  • 4 hours Saudis Threaten Retaliation If Sanctions are Imposed
  • 2 hours $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 1 hour Can the World Survive without Saudi Oil?
  • 52 mins Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 12 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 5 hours Who's Ready For The Next Contest?
  • 1 hour Mexico State Oil
  • 1 hour UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 45 mins Saudi Crown Prince to Trump: We've Replaced All Iran's Lost Oil
Is Uranium On The Way Back?

Is Uranium On The Way Back?

Kazakhstan’s state-owned uranium miner has…

Low US Gas Prices Prompt $72 Billion Investment in Chemical Projects

A new study released by the American Chemistry Council (ACC) has said that due to the large number of chemical and plastics projects that have been announced in order to take advantage of the incredibly low natural gas prices, the US chemical industry is set to see the creation of as many as 46,000 permanent jobs.

The report also said that by 2020 supplier industries could offer an extra 264,000 jobs, with another 226,000 jobs created in communities where chemical and supplier industry workers live, adding an extra $200 billion to the economy.

Cal Dooley, the president and CEO of the ACC, said that “the United States has become a magnet for chemical industry investment, a testament to the favourable environment created by America’s shale gas, as well as a vote of confidence in a bright natural gas outlook for decades to come.”

Related article: Natural Gas – The “Slow Process that's Gathering Speed”

A total of 97 chemical and plastics projects have been announced, totalling $71.7 billion of investment, and creating around 1.2 million temporary jobs between 2010 and 2020.

Texas is the hotspot for investment; Dow Chemical intending to invest $4 billion in restoring an old ethylene cracker and building a new one, amongst other projects, Exxon Mobil will build a new ethylene cracker and two polyethylene plants, and Chevron Phillips Chemical, LyondellBasell, and Mitsui & Co. also plan to invest in their own projects.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News