Natural resource prices to stay higher - DuPont

22 July 2008 19:21  [Source: ICIS news]

NEW YORK (ICIS news)--Higher natural resource prices, from oil to agricultural products are here to stay, DuPont CEO Charles Holliday said on Tuesday.

“There are some things that will revert to the norm and some that will not,” Holliday said on DuPont’s second-quarter-earnings conference call. “There will be short-term swings in price, but higher resource prices in oil and agriculture are here to stay.”

Holliday said DuPont is well positioned to take advantage of this new reality, with its seed traits and agricultural-chemicals business focused on improving productivity, as well as technologies to produce biobutanol, cellulosic ethanol and photovoltaics.

Holliday said he expected a “revert to the norm” in the housing, automotive and banking markets.

“The US housing market will recover over time,” he said.

There will not likely be 2.1m new homes being built annually as in the 2005 peak anytime soon, but there will be more of a focus on energy efficiency in new homes, he said.

“Demand for energy savings solutions will increase dramatically, and we are perfectly positioned to take advantage with our building and construction materials,” Holliday said.

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By: Joseph Chang
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