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The North American chemical industry is rebounding from last decade’s economic declines as a surge in natural gas drilling means more raw materials are available at relatively low prices, energy analysts told IHS CERAWeek on Monday.
The oil and gas industry on Thursday stepped up its fight for natural gas exports and criticized a new coalition of manufacturers that wants to restrict foreign sales of the fossil fuel.
Manufacturers terrified that rising natural gas prices threaten their bottom line are stepping up pressure on the Obama administration to limit exports of the fossil fuel in the wake of a study that said selling more overseas would broadly benefit the United States.
The U.S. may have a 100-year supply of natural gas locked underground, but how much of it gets extracted hinges on what the federal government does to promote the fuel, energy experts told a Senate panel today. A top official at the government’s Energy Information Administration also defended his agency’s predictions about abundant domestic natural gas supply.