Shale Natural Gas Boom will transform the US Economy
Shale Natural Gas Boom will transform the US Economy
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The Shale Nat Gas boom is changing the American economy as well as the industry dynamics in Europe and Asia,
“This shale gas, fracking economy … is changing the dynamics of the gas business in Europe and Asia,”
said Giuseppe Recchi, chairman of ENI NYSE:E, an Italian Oil and Gas company.
Cheaper Nat Gas will bring back energy-intensive manufacturing to the United States, he said, noting that the boom is similar to the commerce revolution prompted by the Internet.
“A lot of global brands are bringing back this capacity to the US, which will create jobs.”
Eni, the biggest Crude Oil company in Africa, made a major Nat Gas find in Mozambique. The reserve has enough Nat Gas to meet the consumption of Italy for 25 yrs, he said in a TV interview Tuesday.
Manufacturers say they will invest over $90-B in US businesses that can use cheaper Nat Gas, according to the Financial Times of London. Petrochemicals, fuel, fertilizer and steel industries will benefit.
“This revolution is creating great opportunities to increase manufacturing capability, and has tremendous potential for economic impact and job creation,” Greg Garland, CEO of Phillips 66 NYSE:PSX, told the FT.
Domestic prices might rise if the industry exports the Nat Gas as LNG. A US Energy Department report predicts that even unrestricted LGN exports would only modestly impact prices in the US.
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