25/07/14 – Europe risks losing 30 million jobs due to US shale
Bloomberg reported that the US shale gas boom is placing 30 million jobs at risk in Europe as companies with greater reliance on energy contend with higher fuel prices than their American counterparts.
Mr Fatih Birol chief economist for the International Energy Agency said that “Manufacturers of petrochemicals, aluminum, fertilizers and plastics are leaving Europe to take advantage of booming US production of natural gas from shale rock formations. Many petrochemicals companies in central Europe are moving out. Thirty million jobs are in danger.
”The US has become the world’s largest producer of oil and gas as hydraulic fracturing and horizontal drilling help producers extract resources from shale rock. The country’s refineries processed a record volume of crude last week as plants took advantage of cheaper domestic crudes.
Chemical makers from Germany’s BASF to Brazil’s Braskem plan to invest as much as USD 72 billion in US plants to take advantage of low cost natural gas feedstock.