05 June 2008 15:51 [Source: ICIS news]
CHARLOTTE, North Carolina (ICIS news)--Dow Chemical has seen its energy costs surge to an estimated $32bn (€21bn) in 2008, compared with $8bn in 2002, Dow Coating’s top executive said on Thursday.
Dow is one of the largest energy consumers in the world.
“Consumers need to be educated about not having a holistic energy policy,” George Hamilton, president and general manager of Dow Coating Solutions, said in an interview.
Consumers will pay more for added value they know is in the product, he said.
“They do not realize the run-up in oil prices goes beyond their gas tank and utility bills.”
While the surge in energy and raw materials costs has been a burden on consumers and the industry alike, ?xml:namespace>
“There is only so much you can absorb,” said
He added: “The value chain needs to be reset.”
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