The European Commission has identified the ongoing shale gas boom in the US as one of the primary reasons for profit margin losses in the EU refining industry in recent years, it said in preliminary conclusions presented at a refining forum in Brussels on Thursday. “The biggest effect [on refining profitability] comes from the relative deterioration of energy costs in Europe with respect to other regions,” said Robert Marschinski of the EC’s Joint Research Center and one of the authors of the ongoing study. From 2008-2012, the EU has seen its average net cash margins drop from within the top third globally to the bottom third compared with 2000-2008. Article continues below… European Gas Daily is a flagship Platts publication that delivers crucial competitive intelligence across the entire European gas marketplace. It keeps you ahead of critical price changes and their effects on the industry — to help you […]