USA constitutes an excellent example of a country where the chemical sector is gaining an increasing importance in the national economy. Thanks to shale gas excavation American companies from the chemical sector have gained access to a cheap resources. Consequently, it was possible to decrease the cost of production, becoming a major competitor of Asian and European manufacturers.
Over 10 years ago, USA became the global leader in natural gas excavation. As much as 40% of this resource was obtained thanks to shale gas and coal deposits. Owing to a significant decrease of the price of gas, even to 3 dollars per MMBtu in 2012, new energy was injected into the American industry, including chemical companies.
Fueled by gas
Shale revolution triggered a rise in employment in the industry. Companies using gas in the manufacturing process have expanded, mainly enterprises of the chemical sector. A boom in this sector of the American economy is also connected with the fall in the price of electricity. It is possible thanks to cheaper manufacturing process of energy, also with the use of natural gas. Consequently, the supply chains for the gas industry are contained within the country, without the necessity to import resources from abroad.
New American Dream?
International Energy Agency has forecast that in about 20 years, USA will no longer need to import crude oil or gas, the key fossil fuels. By 2025, about a million new jobs will be created in the mining and excavation businesses and a few million in other sectors of the economy. Exploitation of shale gas deposits is likely to help the American industry save up to 11 billion dollars annually on the cost of electricity and resources.