The U.S. New Energy Law requires that high-efficiency energy-using industries still face high gas prices in the short term

The new energy law, which has drawn significant attention from the American chemical industry, has finally come into effect. On August 8, U.S. President George W. Bush signed the 2005 Energy Policy Act at Sandia National Laboratory in New Mexico, officially making it a law. This landmark legislation marks a major shift in the country’s approach to energy production and consumption. According to the new energy law, energy diversification is now seen as an essential strategy for long-term stability. To support this, the U.S. government will promote the development and application of various new technologies aimed at boosting electricity generation. These include coal gasification, renewable energy sources, and nuclear power. Additionally, the law calls for modernizing the nation’s energy infrastructure by increasing investments in natural gas pipelines, storage facilities, and the construction of multiple liquefied natural gas (LNG) terminals. For the American chemical industry, high natural gas prices have long been a critical challenge. Over the past five years, energy costs for the sector have surged by $27 billion. As natural gas prices have skyrocketed, the industry's competitiveness has suffered, resulting in over $50 billion in lost business. Currently, the price of natural gas in the U.S. exceeds $8.5 per million British thermal units (BTUs), nearly four times higher than it was five years ago. After months of intense negotiations, the U.S. Senate and House of Representatives passed a comprehensive energy bill exceeding 1,700 pages at the end of July. The bill includes tax cuts and subsidies totaling $14.5 billion over the next decade for traditional energy and nuclear companies, aiming to boost domestic energy production. It also provides $9 billion in tax reductions for oil, gas, power, and coal companies. Furthermore, funding for energy efficiency and renewable energy projects will increase by about $5 billion. The legislation also promotes efficient energy use, expands renewable energy initiatives, and encourages the production of gasoline and other fuel additives. The American Chemistry Council (ACC) emphasized that the chemical industry has always been deeply committed to energy efficiency. Compared to more than 20 years ago, U.S. chemical companies now use only half the energy to produce the same amount of goods. With the implementation of the new energy law, the U.S. is expected to place greater emphasis on energy efficiency, with new standards likely to be introduced in industrial and construction sectors. However, ACC expressed disappointment that despite increased natural gas supply, the new bill does not lift the ban on offshore drilling. As a result, the chemical industry still faces challenges in reducing its reliance on costly natural gas in the near future.

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