Marcellus Shale opportunities are extending to the chemical industry, as the ethane-rich formation has brought a great deal of opportunity to North America in these trying times.
The Marcellus contains natural gas composed of approximately 14-16 percent ethane compared to other natural gas resources with just 2 to 8 percent of ethane.
Thus, this resource-rich area has revolutionized the natural gas industry here in the United States...
High oil prices had previously set petrol-chemical companies overseas to the Middle East and Asia, but that's all changing right now.
Low natural gas prices have convinced some major chemical companies to set their sights on expansion within the United States instead of abroad.
Those low prices are attractive to these companies because they will use the cheap gas to re-open “shuttered plants” and even to build additional plants here in the States.
This is great news for an economy drowning in the unemployment crisis. Profitable chemical companies will be in the business of hiring instead of firing and consolidation, once again.
For example, the natural gas drilling boom near Charleston, SC has residents lobbying for the creation of a massive new chemical plant:an ethane cracker. A project like this holds great potential for combating local unemployment dilemmas.
According to Matthew Ballard, CEO and president of the Charleston Area Alliance, building the new plant would require at least 2,000 construction workers for the next two years. After the building is erect, several hundred jobs will open up within the facility in order to keep the factory running smoothly.
While environmental groups are investigating with caution to ensure the safety of the public's health and nearby environment, everyone seems thrilled with the latest opportunity for economic development coming from the Marcellus Shale formation.
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