Highlights Importance of Shale Gas to Nation's Energy Future and Job Growth
HOUSTON, May 1, 2012 /PRNewswire-USNewswire/ -- The American Chemistry Council (ACC), Texas Chemical Council (TCC), East Harris County Manufacturers Association, and the Greater Houston Partnership today hosted an expert panel of political and business leaders for a roundtable policy discussion on how abundant and affordable supplies of natural gas from shale will create jobs, boost exports, and increase investment in Texas.
Lieutenant Governor of Texas David Dewhurst joined ACC President and CEO Cal Dooley, TCC President and CEO Hector Rivero, and Texas business executives at the event held at the University of Houston Hilton Hotel to discuss the importance of shale gas to our nation's energy future and the growth of the Texas chemical and manufacturing industries.
"Shale gas is a game changer for the chemistry industry. Abundant and affordable supplies of natural gas are driving the chemistry industry's growth and dramatically improving our competitiveness globally," Dooley said. "We now have a huge price advantage over our foreign competitors. That's good news not just for the chemistry industry. Our competitive edge is revitalizing American manufacturing."
A recent ACC study found that an $8.5 billion capital investment in new and existing ethylene production infrastructure in Texas would generate $37 billion in chemical industry revenue and $779 million in additional Texas tax revenue during operational phase. Additionally, it would create 81,000 permanent jobs in Texas, generating over $5 billion in wages for Texas workers.
"Texas remains the No. 1 chemical producing state in the nation, driven in large part by abundant and affordable supplies of natural gas from shale. The chemical industry in Texas has created nearly 73,000 high-paying Texas manufacturing jobs and could add tens of thousands more," said Rivero. "Texas is a true leader in harnessing natural gas resources through responsible production, proving time and time again that doing so creates an environment of competitive advantage for the manufacturing industry and contributes to a robust economy throughout our state."
In April, Dow Chemical announced the new location of its new ethane cracker in Texas, evidence that the chemical industry is a growth engine that is propelling the economic rebound in Texas. Dow joins several other chemistry companies that are securing competitive advantage in the global energy markets through strategic investments.
Chemical company executives provided their perspectives on how the abundance of shale gas is benefiting their companies, transforming the Texas manufacturing sector and boosting the state's economy. Moderated by Cal Dooley, the roundtable panel included Graeme Burnett, President and CEO of Total Petrochemicals & Refining USA, Inc., Mark Lashier, Executive Vice President of Chevron Phillips Chemical Company, Tim Roberts, Senior Vice President, Olefins and Polyolefins (Americas), of LyondellBasell, and Timothy Strehl, President of Ascend Performance Materials.
Today's event is part of ACC's recently launched energy advocacy and awareness campaign, From Chemistry to Energy. From Chemistry to Energy advocates for a comprehensive national energy strategy that maximizes all domestic energy resources, with a focus on robust and responsible production of domestic shale gas; improved residential, commercial and industrial energy efficiency; and expanded adoption of energy recovery programs. Each will help meet national energy security, economic and environmental goals while also creating value for the business of chemistry and creating energy solutions for a strong, secure, and sustainable future.
For more information about the From Chemistry to Energy campaign, please visit ChemistryToEnergy.com. Also, join the conversation on Twitter using #Chemistry2Energy and follow campaign updates at @AmChemistry and blog.americanchemistry.com
The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry. ACC members apply the science of chemistry to make innovative products and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health and safety performance through Responsible Care®, common sense advocacy designed to address major public policy issues, and health and environmental research and product testing. The business of chemistry is a $720 billion enterprise and a key element of the nation's economy. It is one of the nation's largest exporters, accounting for ten cents out of every dollar in U.S. exports. Chemistry companies are among the largest investors in research and development. Safety and security have always been primary concerns of ACC members, and they have intensified their efforts, working closely with government agencies to improve security and to defend against any threat to the nation's critical infrastructure.
SOURCE American Chemistry Council