Dow Chemical Co. will raise its prices by up to 20 percent almost immediately to offset the soaring cost of energy, and the CEO of the chemical giant lashed out at Washington on Wednesday for failing to develop a sound energy policy.
Dow supplies a broad swath of industries, from agriculture to health care, and any sizable price jump would likely affect almost all of them.
The price increases will take effect Sunday and will be based on a product’s exposure to rising costs. Dow said it spent $8 billion on energy and hydrocarbon-based feedstock, or raw materials, in 2002 and that could climb fourfold to $32 billion this year.
“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.”
Your grocery bill - and every other bill - just got bigger.
