Crisis in European petrochemical industry?

Ethylene, a crucial petrochemical product for the plastics industry, was one and a half times more expensive in Europe than in the United States in 2012.

The cost of ethylene production differs according to whether it is produced from naphtha (in Europe and Asia) or gas (in North America). The higher ethylene price in Europe has stemmed from the rise in supply costs at European naphtha plants, whereas in Asia it has resulted from a hike in demand by plastics manufacturers. The (Western) European petrochemicals industry is caught between the crisis in its markets (including the auto industry) and its higher material procurement costs.