The Dow Chemical Company (NYSE: DOW) today issued the following statement:
“The report issued by the DOE on liquefied natural gas (LNG) exports is flawed, misleading, and based on outdated, inaccurate and incomplete economic data,” stated Andrew N. Liveris, Dow’s chairman and chief executive officer. “The report fails to give due consideration to the importance of manufacturing to the U.S. economy. Manufacturing is the largest user of natural gas in the U.S., and creates more jobs and more value to the U.S. economy from natural gas than any other sector. The value of every unit of energy used by the manufacturing sector is multiplied by as many as 20 times from the production of thousands of high value products though the value chain. Compare this to the 1-time value created by exporting energy as liquefied natural gas. Furthermore, for every manufacturing job created on the factory floor 5-8 more are created in the larger economy.”
“The report also fails to consider the tremendous competitive advantage that affordable, abundant domestic natural gas offers to the nation. Instead, the report offers the baffling conclusion that the U.S. would be better off using its domestic natural gas advantage to fuel growth and jobs in other regions versus strengthening the U.S. economy through manufacturing and benefiting consumers with lower energy costs.”
In addition, Liveris stated, “Industry has announced over 100 capital investments representing over $90 billion in spending and millions of new jobs predicated on abundant and affordable natural gas, none of which were captured in this report. Unfortunately, policy makers have been given a flawed report that overlooks vital dynamics, including a manufacturing renaissance that is already underway and much needed by this country.”
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2011, Dow had annual sales of $60 billion and employed approximately 52,000 people worldwide. The Company's more than 5,000 products are manufactured at 197 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.