WSJ: European companies are moving their production to the US because of high gas prices
The Wall Street Journal (WSJ) reports that the US economy is the biggest beneficiary of the energy crisis in Europe.
High gas prices are forcing European companies to move their production to the US, where they are attracted by more stable prices of energy resources and government support.
According to the paper, while energy price fluctuations and supply chain problems threaten European countries with what some economists “warn could be a new era of deindustrialisation”, the United States government has approved a range of measures to stimulate industrial production.
” This has resulted in the scale tilting increasingly in favour of the United States – particularly for those companies involved in chemicals, batteries and other energy-intensive products projects,” the article noted.
Svein Tore Holsetter, chief executive of Norwegian fertilizer maker Yara International, said it could be difficult for European manufacturers to remain competitive with current gas prices and the incentives currently offered by the US government.
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