Fracking through the "shale gas revolution" created an economic boost during a time the economy needed all the help it could get, according to a working paper published by the National Bureau of Economic Research. Fracking boosted the economy by $48bn per year between 2007-13, according to the study's authors: Catherine Hausman and Ryan Kellogg of the University of Michigan.
The recovery momentum for the chemical industry is expected to continue this year, backed by a strengthening U.S. economy, strength in the automotive space, healthy demand in emerging geographies and gradually convalescing construction markets.
The U.S. petrochemical resurgence is being closely watched in Europe where companies are wondering whether the deluge of North American shale gas will sap away their competitive advantage.
