Reuters: Dow Chemical sees competitive disadvantage for European rivals
Dow Chemical expects Europe's chemical industry to face a competitive disadvantage against U.S. rivals which pay far less for electricity and raw materials due to shale gas extraction, the group's chief executive said in an interview in German business daily Handelsblatt.
"Europe either must obtain cheap gas or pull out of certain markets and businesses," Dow Chemical's Chief Executive Andrew Liveris told the newspaper.
In the United States, electricity prices are falling thanks to gas derived from fracking - the hydraulic fracturing of rock.