Dow Chemical Co. will raise product prices by up to 20 percent almost immediately to offset the soaring cost of energy and raw materials, and the CEO of the chemical giant lashed out Washington on Wednesday for failing to develop a sound energy policy.
The price increases take effect Sunday and will be based on a product's exposure to exorbitant costs. Dow said it spent $8 billion on energy and hydrocarbon-based feedstock, or raw materials, in 2002 and that could climb fourfold to $32 billion this year.
"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 …
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