Dow Chemical's CEO's Comments
Dow Chemical's (DOW) CEO pulls no punches when talking about Congress
After saying that more drilling needs to get done and more refineries need to be built, Andrew Liveris said, "In fact, it's almost the reverse under the current Congress, which is a joke," he said. "We're letting everyone else drill with our technology and we are not doing it ourselves. To me that is the insane asylum being run by lunatics," Liveris said.
"Inflationary pressures on the (U.S.) consumer through gasoline prices and food prices have reached the point where the consumer is clearly changing behavior," said Liveris told Reuters.
Liveris said Dow is within days of making statements about the sorts of actions it intends taking to deal with the cost escalation, he said, declining to specify those steps. The company had considered implementing an energy surcharge, but is unlikely to follow Rohm and Haas (ROH) who implemented one last month.
Based on past moves, this means more US jobs will be lost as Liveris exercises his only option, move production facilities to countries that actually value energy, rather than bitching about it.
The really sad thing is we have the oil (USO) and we have the gas, we just cannot drill for it. If you are upset about what it costs to fill your tank or heat or cool your home, look at how your Congress-person has voted. Chances are, they have voted to increase your costs by not allowing energy companies to get the cheap oil and gas we have sitting in our country and just off our shores.
If you voted for them, blame yourself. If you want things to change, let them know by voting against them in November...
Disclosure ("none" means no position):Long Dow, USO
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