Liveris gets liverish on energy

China, Middle East

SHARE THIS STORY
pic_liveris.jpg

Great stuff from the big boss of Dow Chemical in this article from USA Today.

Gems from the interview include “corn-based ethanol, one of the dumbest ideas of all time” and “the whole hydrogen (fuel cell) approach is dumb.”

He adds: “Frankly, when free markets prevail, we have to shut down factories and replace overseas in places like Saudi Arabia, Kuwait, Russia, Brazil, Thailand, China and Oman, where governments lock in energy availability, guarantee prices and de-risk our investment.”

These are all countries in which Dow has already or plans to invest with the proposed PIC deal the biggest breakthrough for tackling its feedstock disadvantages. Whereas the jury might still be out on whether the US major will win in specialities, it does seem as if it has gone a long way to avoiding being one of the companies I wrote about yesterday.

Liveris makes the much wider point that without an energy policy which makes sense, the US faces a pretty bleak economic future. He quite rightly points out that unless there are some major breakthroughs in renewables, hydrocarbons have to be a major part of a workable policy.

But I don’t agree with Liveris when he says “We aren’t occupying Iraq for the resources”.

I’ve just started reading David Strahan’s The Last Oil Shock, which makes a pretty convincing argument over the real thinking behind the hugely bundled invasion.

Then again, though, perhaps what Liveris means is that the intention of the occupation might have been for resources, but that’s not what the occupation is about now because of the hopeless failure of politicans such as Rumsfeld, Cheney etc.

Next stop Iran? At least Bush is on the way out, but the energy stakes are so high perhaps any administration will need to dress up further military action as something else to secure America’s economic future.

But surely, this must be less politically acceptable than tackling all the greenies who are blocking offshore drilling and coal gasification and the farmers making a packet out of ethanol?

Maybe not if it’s about distribution of votes in those key marginal States – meaning more fat subsidies one of the dumbest ideas of all time.

PREVIOUS POST

"There must be some way out of here...."

25/08/2008

Peak Oil, Jimi Hendrix, Ben Bernanke, Federal Reserve, Goldman Sachs, Alberta Ta...

Learn more
NEXT POST

Can I have those coconuts, please?

27/08/2008

Winston Churchill, Joseph Kennedy, David Strahan,The Last Oil Shock, New Scienti...

Learn more
More posts
Global polyethylene oversupply, the highest in 19 years, hasn’t gone away
03/07/2020

By John Richardson BRENT crude futures surged by 80% during the second quarter and enjoyed their bes...

Read
China could be in complete polypropylene self-sufficiency by 2022
28/06/2020

By John Richardson SORRY to labour the point but this comes from a genuine concern for the readers o...

Read
Asian polyethylene price recovery faces multiple challenges
25/06/2020

By John Richardson THERE are reports of significant cuts in Middle East polyethylene (PE) operating ...

Read
China’s long-term ambition for paraxylene self-sufficiency seems close to being realised
21/06/2020

On Friday, I examined how China’s paraxylene (PX) net imports could fall to as little 8m tonne...

Read
China’s big declines in 2020 PX and PP imports: the impact on its major trading partners
18/06/2020

By John Richardson CHINA’S refineries and petrochemicals plants came roaring back to almost fu...

Read
Paraxylene demand collapses as higher China production threatens 6m tonne fall in imports
15/06/2020

By John Richardson DON’T SAY I didn’t tell you that a decline in stock markets would happen. The...

Read
Coronavirus will severely damage the developing world unless we take the right steps
12/06/2020

By John Richardson IT IS a fantastic achievement. “Over the last 25 years, more than a billion peo...

Read
Main Street versus Wall Street and the crisis in the developing world
10/06/2020

By John Richardson RISING equity and oil markets do not necessarily point to a V-shaped recovery. I ...

Read

Market Intelligence

ICIS provides market intelligence that help businesses in the energy, petrochemical and fertilizer industries.

Learn more

Analytics

Across the globe, ICIS consultants provide detailed analysis and forecasting for the petrochemical, energy and fertilizer markets.

Learn more

Specialist Services

Find out more about how our specialist consulting services, events, conferences and training courses can help your teams.

Learn more

ICIS Insight

From our news service to our thought-leadership content, ICIS experts bring you the latest news and insight, when you need it.

Learn more
X

Uncover exclusive industry upates from ICIS

Interested to uncover more articles related to this topic? Explore additional news, insights and intelligence, tailored to the markets you are interested in by accessing exclusive content from ICIS.com

DISCOVER MORE