Author Topic: How tariffs are hurting U.S. fuel and chemical manufacturers [Opinion]  (Read 629 times)

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Online Elderberry

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Houston Chronicle By Chet Thompson May 6, 2019

Recent coverage of the U.S.-China trade talks has focused on protecting agriculture and intellectual property. As negotiations approach the final phase, the impact of tariffs on U.S. refiners and petrochemical manufacturers — whose products support industries across the economy and fuel consumers every day — is still going largely unnoticed. As trade discussions repeatedly come up short, American fuel and petrochemical producers continue to be denied access to one of their most important markets and struggle to plan for the future, amid higher costs for materials essential to midstream infrastructure and an uncertain policy environment.

American refining and petrochemical manufacturing are together a powerful economic force, supplying U.S. and global markets with gasoline, diesel, jet and marine fuel, as well as petrochemical building-blocks such as ethylene and propylene that are essential to innovative products — from solar panels to heart valves. The shale renaissance brought booming production of crude oil and natural gas, and the corresponding growth of the fuel and U.S. petrochemical industries over the past decade has been nothing short of remarkable. These sectors now support 4 million well-paying jobs and generate $130 billion in federal and state taxes that fund essential services.

Today, the United States is a top producer and global supplier of petrochemical products — especially in Houston, home to the largest petrochemical manufacturing complex in the Americas. In the last two years, the petrochemical industry has invested more than $30 billion in U.S. projects and more than100 facility expansions, and we now have the capacity to produce almost 17 billion pounds of the most in-demand petrochemical, ethylene.

More: https://www.houstonchronicle.com/opinion/outlook/article/How-tariffs-are-hurting-U-S-fuel-and-chemical-13823255.php