Friday, September 23, 2011

ACC Study: New Cracker Facility Will Yield 12,000 Jobs

A study by the American Chemistry Council finds that as many as 12,000 jobs may result from the location of a new ethane cracker facility. ACC's study found that a new petrochemical plant in the Marcellus region would generate $7.5 billion in chemical industry output, 12,000 jobs in chemistry and supplier industries, $1 billion in state wages and $169 million in state tax revenue. West Virginia's government leaders are working closely to get a cracker faciility located in the state.

"Access to vast, new supplies of natural gas from previously untapped shale deposits is one of the most exciting domestic energy developments of the past 50 years," the report states. "After years of high, volatile natural gas prices, the new economics of shale gas are a 'game changer,' creating a competitive advantage for U.S. petrochemical manufacturers, leading to greater U.S. investment and industry growth."

ACC’s national report also showcases the benefits of shale gas for the domestic chemistry industry and the broader U.S. manufacturing sector. It found that reasonable increases in shale gas production in the U.S. could result in nearly 400,000 new jobs in the chemical sector and supplier industries, more than $132 billion in U.S. economic output and nearly $4.4 billion in federal, state and local tax revenue annually, Dooley said.

Click to read the council's study.

Click to read news story.