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US manufacturing competitiveness improves, creates risks for others
DAVOS (21 January 2013) -The unconventional oil and gas revolution has dramatically changed the global energy landscape, and in its wake is altering the world’s competitive manufacturing and industrial panorama, according to a new report from IHS (NYSE: IHS), a leading source of global information and analytics.
The report,Energy and the New Global Industrial Landscape: A Tectonic Shift,is being released for the World Economic Forum 2013 Annual Meeting in Davos-Klosters, Switzerland where IHS is a strategic partner. It looks at the impact of unconventional (shale gas and “tight oil”) energy on world energy markets, the automotive and chemical industries as well as on the United States where it is improving manufacturing competitiveness.
While unconventional energy has been “a big boost” for North America, IHS Chief Economist Nariman Behravesh, one of the report’s authors, says its impact will also eventually be seen more widely as other countries develop their shale gas and tight oil resources.
“Initially, this has been – and will continue to be – a big boost for North America,” Behravesh says. “However, other regions and countries with large shale gas and tight oil deposits can, with time, also participate in this energy revolution and industrial renaissance.”
A new study by IHS estimated that in the United States alone, the surge in unconventional oil and gas extraction has led to the creation of 1.7 million jobs and added $62 billion to federal and state coffers in 2012.
The big drop in energy prices has also led to a surge in investment in the United States, posing a risk for Europe and Asia which face migration of manufacturing to North America and the loss of competitiveness, says Behravesh.
The question of whether the unconventional oil and gas revolution will go global is increasingly being asked by companies and governments alike as major opportunities have been identified around the world, according to IHS Vice Chairman Daniel Yergin, also an author of the report.
“Major opportunities are being identified around the world,” says Yergin. “Our research indicates that the resource base in China may be larger than in the United States, and we note prospects elsewhere. However, circumstances that promoted this development in the United States differ in important aspects from other parts of the world. It is still very early days and we believe that it will take several years before significant amounts of unconventional oil and gas begin to appear in other regions.”
Other key points in this special IHS report include:
The special IHS report, Energy and the New Global Industrial Landscape: A Tectonic Shiftis available to the public for download free of charge at www.ihs.com/ihsatdavos
Media Note:Nariman Behravesh, Daniel Yergin, Gary Adams and Philip Gott will be attending the World Economic Forum Annual meeting January 23 - 27 and are available to speak with the media. To arrange an interview, or to receive a copy of the IHS report, contact Margaret-Anne Orgill at +44 7990 566412 or firstname.lastname@example.org.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information, insight and analytics in critical areas that shape today’s business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs more than 6,000 people in 31 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. Copyright © 2013 IHS Inc. All rights reserved.