WASHINGTON, D.C.--Dow Chemical Co has called on the incoming administration of U.S. President-elect Barack Obama and Congress to implement a comprehensive national energy policy.
Chief Executive Andrew Liveris has repeatedly criticized Washington lawmakers in the past for failing to implement a U.S. energy policy that encourages energy efficiency, speeds the development of renewable energy technology and spurs domestic domestic oil and gas production.
"No one's head-faked by $2 (a gallon) gasoline, everyone realizes that $2 gasoline is here for the wrong reasons," he said.
Dow released a set of proposals on Thursday titled "Dow's Energy Plan for America," and called for a bipartisan national energy policy that will help stabilize energy prices and strengthen the U.S. economy.
The Midland, Michigan-based company said volatile natural gas prices over the past two decades have resulted in a net loss of 120,000 chemical industry jobs. Moreover, the U.S. chemical industry has gone from a $19 billion trade surplus to becoming a net importer of chemicals in the last 10 years.
Liveris said Dow has been working on the energy plan for a couple of years and believed that, with the impending change in U.S. administration, it was time to get the plan out.
Soaring crude oil and natural gas prices were a major issue in the first half of 2008, but the credit crisis and a looming global recession have hammered energy prices and moved the energy issue away from the limelight.
High energy costs hurt Dow's results in the first half of 2008, as the company uses crude oil and natural gas as key raw materials to produce a wide range of chemicals.
Some media reports have recently mentioned Liveris as a possible candidate for U.S. energy secretary in an Obama administration.
Liveris declined to comment on whether he has been approached.
Reuters
www.reuters.com
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