Europe to Benefit From US Shale Gas, Says Commission

Europe did not suffer major damages from high energy prices and it will take advantage of shale gas imports from the United States. 

"This divergence in EU-U.S. energy intensity trends has partially helped EU industry to offset the energy price differential with the U.S. and hence might have acted as a buffer to the U.S. shale gas surge," the European Commission said on Monday. 

According to the Commission, price differentials will decrease over time. European prices will get closer to North American ones, as soon as shale gas imports will be available. 

"Any such opening (to exports) might limit future price differentials with the EU," the Commission was reported as saying on Monday.

In a draft paper analysed by Reuters, the European Commission wrote that the EU-US commercial balance remained positive for Europe, signalling that its industry was not deeply affected by high energy prices.