WorldAn unpleasant truth for Europeans has emerged in the...

An unpleasant truth for Europeans has emerged in the United States

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EU flags. Archive photo

WSJ: High gas prices force European companies to shift production to the US

MOSCOW, September 23 – RIA Novosti. High gas prices are forcing European companies to shift their production to the US, while the US economy is the country that has benefited the most from Europe’s energy crisis. says In an article in The Wall Street Journal.

“The American economy was among those who benefited most from the energy crisis in Europe” – writes the publication. Faced with high gas prices, European companies producing steel, fertilizers and other commodities are slowly shifting their operations to the United States, where they are attracted by more stable energy prices and government support.

The WSJ notes that while fluctuating energy prices and supply chain problems threaten Europe with “what some economists are warning of a new era of deindustrialisation,” the US government has approved a series of measures to stimulate industrial production.

As a result, company executives say that the balance is increasingly in favor of the United States, especially for companies involved in the implementation of projects for the production of chemicals, batteries and other energy-intensive products.

Svein Tore Holseter, CEO of major Norwegian fertilizer company Yara International, said it may be difficult for European producers to stay competitive with current gas prices and the stimulus measures currently offered by the US government. “As a result, some industries will irreversibly transfer their production to other countries,” he said.

“It’s clear that production needs to be moved to the United States,” said Ahmed El-Khoshi, CEO of Amsterdam-based chemical company OCI NV. Thus, OCI NV announced the expansion of its ammonia plant in Texas in September.

After Russia launched a special operation to liberate Donbass, Western countries imposed sanctions on it. This plunged Europe into an economic and energy crisis and led to higher fuel and food prices. According to European officials, industrial production of the union states fell 2.3 percent in July compared to the previous month. According to most experts, the region’s economy expects recession from the last months of this year.

Read the full text of the article on the website InoSMI>>

Source: Ria

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