Dow Chemical Co. says that, beginning June 1, it is raising its prices by up to 20 percent, based on products’ exposure to rising costs, to offset the soaring cost of energy, The AP reports. In its announcement, the company directed blame at the nation’s energy policy makers.
The move could effect a number of industries. “Dow Chemical makes everything from the propylene glycols used in antifreeze, coolants, solvents, cosmetics and pharmaceuticals, to acrylic acid-based products used in detergents, wastewater-treatment and disposable diapers,” AP writes.
“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,” according to a written statement from Andrew Liveris, Dow Chemical’s chairman and chief executive.
Last month the company reported a 3-percent drop in quarterly earnings amid a 42 percent jump in energy and raw materials costs.
USAToday reported in May that, as gas prices rise, companies are driving for bigger energy savings in every corner. And Johnson Controls has reported that nearly three-quarters (72 percent) of organizations are paying more attention to energy efficiency than they were just a year ago.