In the 1960s it was hoped that the development of oil and gas would revive British manufacturing with orders for drilling rigs, production platforms and survey vessels.
And years of economic diversification away from manufacturing and the cyclical oil and gas industry have improved prospects for growth.
The deal would largely be paid for by repealing a manufacturing tax credit on the five major oil companies--Exxon Mobil, ConocoPhillips, Royal Dutch Shell, BP and Chevron--as well as Venezuela-owned Citgo.
Just the way some people blame that problem on tobacco companies for manufacturing the product, it is easier to target blame for oil spills on oil companies.
For decades, Iran had used its oil wealth to import goods, instead of manufacturing them domestically.
It is a priority because the EU has a huge bill for oil and gas imports from outside Europe - bigger even than the EU's manufacturing trade gap with China, he says.
Yet most Democrats, notably senators Obama and Biden, refuse to support two initiatives that would create hundreds of thousands of highly skilled, well-paying U.S. manufacturing and construction jobs: a new push for nuclear power plants and more oil and gas exploration and production.
The nearby Russian market may at least be one alternative, as the country has very little manufacturing industry of its own and pays for a lot of imports with all the oil and gas it exports.
In addition to the jobs produced by those drilling for natural gas and oil in now recoverable shale formations, there are the additional thousands of jobs produced by the need for the manufacturing and laying of pipelines, and the building or refurbishing of refineries.
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The expected increase in manufacturing capacity would come largely from increased plastics capacity and an expansion in refining extra-light oil for export.
Rapid tooling-up of China's manufacturing sector means a massive demand for energy - one of the factors which has kept world oil prices sky-high for most of this year.
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