For the second month in a row, Chemical magnate Dow increased prices. This time by as much as 25 percent, compared to last month’s increase of 20 percent. Interestingly enough, they uncover a plan of surcharges for each truck delivery and railcar delivery. They offer consumers the same reason so many other business do when raising prices : rising fuel costs.
Dow’s CEO, Andrew Liveris, blames the US Government’s long-standing policy of inaction towards the rising energy crisis for the company’s recent hike in prices on all products across the globe by up to 20%. Dow claims a 42 percent increase in cost of their energy and “feedstock” (the raw petroleum from crude oil) for the first quarter compared to a year ago. My concern : Dow’s extensive list of products and services is a far reaching bohemeth and this price increase will gouge into the pockets of other industries that are already hit hard by the increase in fuel prices.