According to just-released data from the Federal Reserve, oil and gas extraction remains a key driver of industrial output. As today’s Hot Chart shows, volume extraction has increased by more than 30% in the past three years. The last time the U.S. produced so much oil and gas was in 1974. This unexpected energy surge is playing an important role in helping revive the U.S. manufacturing base. The new abundance of oil and gas is altering the outlook for U.S.-based production of chemicals and plastics. As shown, both industries are now adding capacity for the first time in five years. We would expect this situation to endure for the foreseeable future since capacity utilization is running near the pre-recession high of 80%. Increased production will have to be met with increased capacity.
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US: Energy Production Surge = Manufacturing Stimulus
Published 02/17/2013, 05:42 AM
Updated 05/14/2017, 06:45 AM
US: Energy Production Surge = Manufacturing Stimulus
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