Austrian Steelmaker’s Texas Plant Highlights Value of U.S. Fracking and Property Rights - The Objective Standard

Wolfgang Eder, CEO of Austria’s largest steelmaker, Voestalpine, has called for more fracking in Europe, saying, “Each drill hole that we can open in Europe will allow us to decrease our dependence (on natural gas from Russia).”

Partly to take advantage of less expensive energy available in the United States, Voestalpine has announced plans to invest $761 million to build a sponge iron plant in Texas, Reuters reports.

Unfortunately, fracking is unlikely to expand in Europe, because EU nations do not recognize the right to private ownership of subsurface oil and gas. . . .

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