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BRUSSELS (Reuters) - European development of shale gas could offset the decline in its conventional gas output but will do nothing to reduce the continent's dependence on imports, a European Commission study has found.

In the United States, a boom in production of cheap shale gas in recent years has pushed down energy prices and cut greenhouse gas emissions, prompting calls from industry for Europe and others to follow suit.

But investors say the U.S. shale gas revolution is unlikely to be repeated in Europe, due largely to environmental concerns and different rules on land and resource ownership. Some EU countries have even banned shale gas exploitation.

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