Posted on 05/28/2008 9:28:47 AM PDT by milwguy
MIDLAND, Mich. (AP) -- Dow Chemical Co. will raise product prices by up to 20 percent almost immediately to offset the soaring cost of energy and raw materials, and the CEO of the chemical giant lashed out Washington on Wednesday for failing to develop a sound energy policy.
"For years, Washington has failed to address the issue of rising energy costs and, as a result, the country now faces a true energy crisis, one that is causing serious harm to America's manufacturing sector and all consumers of energy," Chairman and Chief Executive Andrew Liveris said in a statement.
"The government's failure to develop a comprehensive energy policy is causing U.S. industry to lose ground when it comes to global competitiveness, and our own domestic markets are now starting to see demand destruction throughout the U.S."
Liveris said soaring costs for Dow are "forcing difficult discussions with customers
(Excerpt) Read more at biz.yahoo.com ...
Well, it would certainly have helped if 10 years ago the Dems and enviro-weenies had not stopped drilling further exploration and drilling in U.S. territory. It might also have helped if they had not placed so many environmental restrictions on building of refineries.
East Texas
They produced and produced even when it was 10 cents a barrel and they couldn’t sell it because the Depression had begun and nobody was buying anything but they had to produce no matter what or just take a long walk off a short pier. They were stashing oil in every container they could find.
They cannot afford to drive there.
This is the kind of attention that needs to be brought to bear on this issue. It’s of course a multi-faceted problem but the bottom line is that it’s largely created by liberalism and our failure as a country to stand up a long time ago and say, “Enough is enough.”
We’ve been frogs in a slowly heating pot for decades and now that the water is at 211 degrees we’re scratching our heads and wondering what the heck is going on with the water.
MM
Petroleum is the feedstock for about everything Dow manufacturers. So prices will hit them not just in overhead but in direct material costs...
The plastics and other stuff, for sure. I was thinking about chemical manufacturing. I’m not an expert on either.
Washington can do nothing about the worldwide production shortfall. Even ANWR would remedy a fraction for only a year at peak and there are no more elephants. ANWR isn’t much of an elephant anyway.
Blaming economic problems on government exonerates the real culprit. This phrase should read ...
Congressional failure to develop a comprehensive energy policy is causing ... "
I would not imagine Dow Chemical would be especially knowledgable about the oil industry. Granted the chemical industry is a strange place also, but it is not the oil industry.
Because he has a real job!
Wanna buy a refinery? Got one right here for sale. Golden opportunity for the right owner.
1800 drill rigs is hardly indicative of a stopped exploration situation.
That might be best. A couple years ago what a lot of freepers did to shake everyone up was to give the Dems control of congress.
“Even ANWR would remedy a fraction for only a year at peak and there are no more elephants.”
This statement is exactly why we are where we are with energy. Ten years ago, who would have predicted Angola would some day be the #1 African producer of oil? Five years ago who would have thought Brazil would vault from an energy importer to energy independance and discover a 30+ billion oil field?
The TRUTH is that alaska, beaufort and chuchki seas contain untold billions of bbls of oil. The vast majority of these areas have NEVER been explored. The Russians are sending submarines to claim the ocean bottom near the north pole because why? The outer continental shelves of east and west coasts have not been subject to ANY exploration since the 70’s. New 3d seismic technology has VASTLY improved ability to find oil reserves, especially under thick salt caps in the deep water. To say no more elephant fields exist is ignorant, they are there, but they will be neither easy to find or tap anymore. Just because we fail to allow our oil companies to explore over the majority of alaskan coastline and our oceans just means we are stupid, not that their is no oil.
Why do you think Brazil has leased over 80% of the existing deepwater drilling rigs for the next 5 yrs? Is it because no more ‘elephants’ exist or is it because Brazil knows they do, but you need the right equipment to find and exploit them.
Sure we do. Under NO CIRCUMSTANCES will we allow any policy that is not suicidal. Our energy policy is to bring the country down by getting rid of the middle class, making everyone dependent on the gov't to survive, turn the economy into 3rd world status, and usher in the "Era of Rule by Divine Bureaucrats."
As another Freeper has mentioned, we need a Manhattan Project for energy. Over time, we need to get off oil and invent a solution that we ultimately control, not the markets or foreign countries.
Drilling in ANWR is short-term, drilling in the Colorado-Utah-Wyoming area is medium-term but we need to find something else other than oil for the long term.
The meaning of ‘elephant’ is not widely understood.
The estimate is that ANWR would provide approx. 6 mos. of oil IF IT WERE THE ONLY SOURCE OF OIL IN THE WORLD.
That is sooooo LOL
If ANWAR supplied only the 10 western states, those west of the Mississippi River, how long would the supply last?
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