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How Cheap Oil Is Fueling a Surge In New Factories

The construction of chemical plants is making up for a slowdown in oil-well drilling
Oil And Gas Plant Operated By NIS Gazprom Neft
Photographer: Oliver Bunic/Bloomberg
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America's energy rebirth is the gift that keeps on giving for the economy. But this year, it's more about construction than drilling holes in the ground.

While the collapse in oil and gas prices since the middle of last year caused energy companies to slash investment in oil wells, Thursday's report on second-quarter GDP showed an interesting dynamic taking shape — investment in factories has been running full bore.