Dow Testifies Before U.S. Senate on the Future of Natural Gas and U.S. Manufacturing
According to Business Wire, Dow Chemical Company’s George Biltz, corporate vice president and vice president of energy and climate change, testified before the U.S. Senate Committee on Energy and Natural Resources about the future of natural gas and the opportunity for a U.S. manufacturing renaissance fueled by competitively-priced natural gas. Biltz informed the Committee that using natural gas for manufacturing provides an eight-fold multiplier in value to the economy by adding jobs and products into the market. Research has shown that a 25 percent increase in ethane supply, a petrochemical byproduct of natural gas, would generate 17,000 direct, high-paying jobs; $4.4 billion in annual tax revenue; $33 billion increase in U.S. chemical production and $132 billion in U.S. economic output. Leveraging U.S. natural gas reserves, Dow is currently investing more than $500 million on ethane cracking and ethylene supply on the U.S. Gulf Coast and has proposed further plans representing billions of dollars. The company is also focusing on increasing its ethylene and propylene production, as well as integrating feedstock supply from recent shale gas discoveries.