Bloomberg: Europe Risks Losing 30 Million Jobs to U.S. Shale Boom
The U.S. shale-gas boom is placing 30 million jobs at risk in Europe as companies with greater reliance on energy contend with higher fuel prices than their American counterparts, the International Energy Agency said.
Manufacturers of petrochemicals, aluminum, fertilizers and plastics are leaving Europe to take advantage of booming U.S. production of natural gas from shale rock formations, Fatih Birol, chief economist for the International Energy Agency, a Paris-based adviser to 29 nations, said at a conference in London today.
“Many petrochemicals companies in central Europe are moving out,” Birol said. “Thirty million jobs are in danger.”