Literature Review Introduction: Owing to the huge dependence of the whole world on oil in the contemporary age, importance of the petrochemical industry is undeniable. Petrochemical companies have been making a lot of revenue over the decades. However, the recent economic recession that has blanketed the whole world has caused a serious setback to the profitability of industry, and the stakeholders have borne huge financial losses…
USA Petrochemical Industry Despite of the rise in the global demand for the petrochemical products, the USA petrochemical industry is facing increasing competition in the petrochemical export market. With supply of the natural gas by using the comprehensive pipe line system to both receive the raw materials as well as to deliver the finished products. So, it is expected that the US petrochemical industry would revive sooner than the other competitors. Furthermore, economic trade group such as NAFTA would contribute further to its growth. Political & Legal Factors The petrochemical industry in USA is governed by several laws and regulations. The hazardous materials transportation act and the pollution prevention act are significant among these. According to the first act, the Department of Transportation gets the authority to control the transportation of such materials including the petrochemicals. Furthermore, the USA government has become increasingly active and concerned about the safety and environmental areas for this petrochemical transportation. ...
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