It's a remarkable turn of events, considering that just 10 years ago, in 2003, an article in
magazine declared that the United States was "running out of energy."Clearly, shale and other unconventional resources have transformed America’s energylandscape. They also have the potential to transform the entire U.S. economy and help lift thiscountry out of its persistent pattern of weak growth and high unemployment.IHS Global Insight projects that by 2025 shale energy could create an additional 1.8 million jobsand contribute more than half-a-trillion dollars to annual GDP.
Petrochemicals, LNG are key to growth
As producers, you understand this. But what many don’t understand, is that in order to take fulladvantage of this historic opportunity, we must act now. The United States must encourageinvestment in downstream industries that drive demand for natural gas.While the largest domestic market of natural gas is, of course, power generation, two keymarkets farther downstream are petrochemicals and liquefied natural gas, which are what Iwould like to talk to you about today.Petrochemicals and LNG are American-made products that add value to our country's naturalgas resources. Demand for these products is strong.Globally, demand for ethylene, a key petrochemical, is growing more than 50 percent faster than natural gas. The market for LNG is growing even faster. And, since most of this demand growth is outside the United States, this presents anoutstanding opportunity to boost America's exports.If you as producers, and the nation as a whole, are to make the most of shale resources,investments in petrochemicals and LNG must be allowed to move ahead.
The U.S. chemicals renaissance