UNDATED (AP) - Dow Chemical is raising its prices by up to 20
percent to offset the soaring cost of energy.
The company's CEO (Andrew Liveris) says Washington has failed to
develop a comprehensive energy policy and as a result the country
now faces a "true energy crisis."
The price increases will take effect Sunday and will be based on
a product's exposure to rising costs. Dow says it spent 8 billion
dollars on raw materials in 2002 and that could climb four-fold to
32 billion dollars this year.
Dow Chemical makes everything from ingredients used in
antifreeze, coolants, cosmetics and pharmaceuticals, to products
used in detergents, wastewater-treatment and disposable diapers.
It also makes key ingredients used in paints, textiles, glass,
packaging and cars.