WSJ: François Hollande Says ‘Non!’ to Fracking

France has been hit by the ongoing decline of its competitiveness for at least the past 10 years. Unemployment is now back above the 10% rate, the trade balance deficit has reached record highs, and the government is struggling to rein in its budget while trying to revive the country’s industries and prevent outsourcing. Yet the competitive edge from nuclear and the potential bonanza from shale gas remain ignored.

In a report commissioned by the French government looking into the best ways to boost France’s competitiveness, Louis Gallois, the former chairman of EADS, said that France’s potential shale gas reserves could be an energy bonanza for the country, helping decrease gas imports and ultimately prices, notably for industry.

Mr. Gallois insisted that the shale gas boom helped the U.S. to re-industrialize part of its economy and had “very significantly” lowered the American trade deficit.  MORE