The WaPo spreads hope and sunshine for the US:
European industry flocks to U.S. to take advantage of cheaper gas
German chemicals giant BASF, which operates the plant here, has announced plans for wide-ranging expansion in the United States, where natural gas prices have fallen to a quarter of those in Europe, largely because of American innovations in unlocking shale gas.
Among those most affected are energy-intensive industries such as steel and chemicals, because they use natural gas as a raw material and power source. With Europe lagging in energy production, manufacturers on the continent warn that a chain reaction could shift more and more investment to U.S. shores.
“It’s become clear, with the drop in gas and electricity prices in the United States, that we are, at the moment, at a significant disadvantage with our competitors,” said Gordon Moffat, director general of Eurofer, the main lobbying group for European steel manufacturers.
And there is a chain-reaction critical mass metaphor in play:
“It’s a very slow process, but it’s a continuous one,” said Harald Schwager, the head of BASF’s European operations, referring to the manufacturing outflow. “Once a customer of ours decides to build a new factory in the U.S., then this customer will request from us to be close by with our production. And so, over time, you see a self-accelerating process, which will move production into the U.S.”
Europe's Greens won't get out of the way, so Europe's only hope is that Obama can derail the US fracking effort in the next three years, although he hasn't been that obtuse yet. Or, they could back Andrew Cuomo for President in 2016.