Reversal of Fortune

Sentiment at the recent American Fuel and Petrochemical Manufacturers’ International Petrochemical Conference (IPC) highlights how quickly U.S. petrochemical markets have been transformed by surging supplies and lower costs for natural gas and feedstocks. Attendance at IPC was nearly 3,000, up roughly a third from the 2009 trough. Discussions that year were somber and focused on defensive positioning for a U.S. petrochemical industry that was viewed as a global cost laggard. Exports were dropping and U.S. producers were bracing for the possibility of...

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