AFPM '12: Shale development a 'world-altering event' - Drevna

02 April 2012 17:57  [Source: ICIS news]

SAN ANTONIO, Texas (ICIS)--The development of natural gas and oil from shale is a "world-altering event" comparable to the industrial revolution, AFPM president Charles Drevna said on Monday.

“Just as the industrial revolution marked a turning point in history, the [shale] potential today is endless,” Drevna told delegates at the International Petrochemical Conference (IPC).

“We should brace ourselves for a world-altering event,” he said. “We are standing at the doorstep of a significant opportunity,” Drevna added.

The industrial revolution, which began around the mid-1700s, saw major technological changes in manufacturing, agriculture, mining and transportation.

Drevna warned, however, that progress in shale development could be impeded by the US government’s current energy policy, which was more focused on solar and biofuels while steering away from oil and natural gas.

Because of this, growth in shale development could come to a “screeching halt”, he said.

Turning to the petrochemicals industry in general, Drevna said sentiment in the sector was high. “The level of enthusiasm is off the charts,” he said.

The industry should focus on the economy and economic recovery, Drevna said.

“We are the economic engine that has driven this country’s [the US] growth… a significant part, if not the major part, of the economic recovery of this nation and the rest of the world.  

Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC continues through Tuesday.

By: Graeme Paterson
+44 20 8652 3214

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