So, a few words on energy and competitiveness.
Since 2011, high oil prices have had a significant impact on the global economy. At the same time, there has been a
substantial widening of the gap between natural gas prices in the United States (where it is cheap thanks to fracking);
Europe (where it is about 3 times more, and largely imported); and Asia (where it is largely imported by ship, and can
be almost 5 times US prices in Japan).