By Kent Hoover | Washington Bureau Chief/Phoenix Business Journal
Energy costs have become a competitive advantage for U.S. manufacturers, thanks largely to the boom in domestic shale oil and natural gas production.
Manufacturers consume a lot of energy, particularly natural gas. Increased domestic production of natural gas has lowered its price, and a new study by IHS estimates industrial production will increase by 3.5 percent by the end of this decade as a result of the shale energy revolution.
“This report confirms that manufacturers’ best days are ahead and that the shale revolution could spur economic growth and job creation for years to come,”said Jay Timmons, president and CEO of the National Association of Manufacturers.
