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Dow Chemical Company Testifies on Importance of Natural Gas to U.S. Manufacturers
WASHINGTON, D.C. (July 19, 2011)
George J. Biltz, Vice President of Energy and Climate Change at the Dow Chemical Company, testified before the Senate Committee on Energy and Natural Resources today regarding a new MIT report "The Future of Natural Gas."
American Chemistry Council (ACC) President and CEO
issued the following statement:
"We share Mr. Biltz's view that growing domestic natural gas resources could be a 'game changer' for U.S. manufacturers," said Cal Dooley, President and CEO of the American Chemistry Council. "The MIT report confirms that America's improved natural gas supply outlook could have a 'transformative' impact on the U.S. economy, in part by helping to create a more competitive manufacturing sector.
"This is especially true for the domestic chemistry industry, which relies on natural gas to create ingredients for 96 percent of all U.S. manufactured goods. A
recent ACC study
found that reasonable increases in ethane supply-a key raw material, or 'feedstock,' for the chemistry industry-would 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 local, state and federal taxes annually. That's a very bright future indeed.
"As Mr. Biltz noted, a cautionary note is in order. While shale gas offers could play a significant role in revitalizing American manufacturing, unreasonable policies would jeopardize that potential."
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