PETROCHEMICAL COMPANIES IN DOHA QATAR

Petrochemical Companies Description: Why Are Petrochemicals Important? The Role of the Petrochemical Industry in the US EconomyThroughout the years, the petrochemical industry has developed a negative reputation. However, you shouldn’t believe everything the media tells you. So why are petrochemicals important and how do they affect the US economy?In reality, the petrochemical industry is one of the most beneficial things in our lives. They’re responsible for creating many of the items we use every day. But most importantly, the petrochemical industry plays a huge role in benefiting the United States economy.Here’s how thepetrochemical industryplays a role in the US economy.Contributions to the US EconomyWith the industry’s vital role in energy supply and increasing energy demands, the petrochemical industry has becoming one of the fastest-growing industries in the United States. In fact,according to a report by theAmerican Petroleum Institute (API), the petrochemical industry’s success has provided the country with great economic contributions.The reports states that the industry supports about $1 trillion in total value added to the economy. This represents 7.3% of US gross domestic product (GDP).In addition, oil and natural gas companies are paying more taxes and fees than other manufacturing companies. The industry has paid the US government an average of $86 million a day in income taxes and production fees, which totals to more than $110 billion since 2000. View Full Blog Content...
Click this Blog to know more...