Classifieds

Europe's energy crisis is now threatening to ramp up deindustrialization on the continent as many firms face persistent struggles with high energy costs.
Russia's war against Ukraine and Moscow's subsequent decision to cut energy supply to Europe has compromised the region's energy security situation, pushing up fuel costs for commercial entities. Companies in Europe are now paying almost five times the price for natural gas when compared to the United States.
For decades, European firms have been shifting production to other regions, citing labor costs. The recent spike in energy prices could accelerate this trend.
"If the energy prices stay so elevated that part of European industry becomes structurally uncompetitive, factories will shut down and move to the United States, where there is an abundance of cheap shale energy," Daniel Kral, senior economist at Oxford Economics, told Reuters....