Thanks to an abundant and affordable supply of shale gas, Pennsylvania is poised for a manufacturing revelation that ripples through the state’s economy.
The new economics of shale gas create a competitive advantage for Pennsylvania and U.S. chemical manufactures which leads to increased investment, economic growth and thousands of jobs – which is quite the opposite from just a few years ago.
As stated in a Penn Live article – Pennsylvania endured economic hard times — and high energy costs caused some of the pain. From 1999 to 2005, natural gas prices quadrupled, and American manufacturers shed more than 5.5 million jobs, 140,000 of those in the chemical industry.
Manufacturers ultimately thrive when natural gas is in abundance. Capitalizing on increases in shale gas production could lead to more than 400,000 jobs in the chemical and supplier industries according to a recent study by the American Chemistry Council.
The recent announcement of Shell selecting a site in Beaver County to build an ethane cracker plant could create thousands of jobs and jump start a growing manufacturing base in Pennsylvania and the surrounding areas where the economies have been struggling.
The chemical industry is the foundation for Pennsylvania’s manufacturing sector and the link between a natural gas supply and the economy is clear. There is a large opportunity to bring back an economic boom to Pennsylvania’s manufacturing industry.