LyondellBasell Industries announced recently that it will re-open its methanol plant in Channelview, Texas, just nine years after shutting it down. The company attributes its decision to re-invest in the facility to low natural gas prices spurred by the recent shale boom.
This project is one in a long list of new investments being spurred by widespread domestic development of natural gas.
According to a recent report sponsored by the National Association of Manufacturers, this activity will spur economic growth and job creation for years to come, supporting millions of jobs, increasing household incomes, boosting trade and contributing to a new increase in U.S. competitiveness around the world.
Unfortunately, this growth is not a foregone conclusion. Overreach by state and federal lawmakers and regulators could slow this progress and, in the worst case, stop it.
To realize our full energy potential, we need government policies that support the continued development of oil and gas resources, energy infrastructure projects and manufacturing growth so companies like LyondellBasell can continue to make new investments and create jobs here in the US.