According to the Wall Street Journal, the US is ironically poised to be a big winner due to Europe’s energy crisis.

Skyrocketing gas prices in Europe is forcing European manufacturers of steel, fertilizer and other feedstocks of economic activity to shift operations to the US. These firms are attracted by more stable energy prices and muscular government support, including a raft of incentives for manufacturing and green energy. Also, new spending by Washington on infrastructure, microchips and green-energy projects has heightened the U.S.’s business appeal.

“It’s a no-brainer to go and do that in the United States,” said Ahmed El-Hoshy, chief executive of Amsterdam-based chemical firm OCI NV, which this month announced an expansion of an ammonia plant in Texas.

Despite inflation and other Covid-related supply chain problems, the US has emerged relatively strong from the pandemic, especially as China continues to enforce Covid lockdowns and Europe is destabilized by war.

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