WASHINGTON (October 3, 2017) – The American Chemistry Council (ACC) issued the following statement before a hearing in the Senate Energy and Natural Resources Subcommittee on Energy to consider legislation including S. 1337, the Capitalizing on American Energy Storage Potential (CASP) Act.
“We applaud Senators Manchin and Capito for striving to realize the exciting opportunities afforded by an energy storage hub, and we look forward to today’s hearing. The Capitalizing on American Storage Potential (CASP) Act will facilitate infrastructure development in energy-rich areas of the country and, in turn, help spur new manufacturing activity and jobs.
“Ethane and propane are natural gas liquids (NGLs) found in Appalachian shale formations. They’re also key materials used by the U.S. chemical industry. An ACC analysis found that creation of an Appalachian NGL storage and distribution hub could attract $36 billion in new chemical and plastics industry investment and support 100,000 jobs in the region by 2025.
“Private industry can develop the Hub, but Congress and the Administration need to help get things started. The CASP Act would make a regional storage hub eligible for the U.S. Department of Energy’s successful Title XVII loan guarantee program. We urge the Committee to support this legislation as a way to build a stronger, more competitive American economy.
“Thanks to abundant, affordable domestic natural gas, American chemistry is in growth mode. Nationwide, $185 billion in new investment has been announced since 2010, supporting 310 projects including new factories, expansions and restarts of facilities. The investment will translate into an estimated 823,000 permanent new jobs by 2025.”