Europe will regret not more aggressively pursuing fracking. I'll start off with a quote in the middle of the article:
As of last week, US natural gas prices were roughly one third of European levels. The German chemicals group BASF said it had become impossible to match the US on production costs.Now for more details:
Royal Dutch Shell is planning an ethane plant in the once-decaying steel valley of Beaver County, near Pittsburg. Dow Chemical is shutting operations in Belgium, Holland, Spain, the UK, and Japan, but pouring money into a propylene venture in Texas where natural gas prices are a fraction of world levels and likely to remain so for the life-cycle of Dow's investments.Read the whole article.
Some fifty new projects have been unveiled in the US petrochemical industry. A $30bn investment blitz in underway in ethelyne and fetilizer plants alone.