Midland, Mich. - November 15, 2013
The Dow Chemical Company (NYSE:DOW) today issued the following statement:
Dow is reviewing today’s decision by the Department of Energy (DOE) to approve another application for the export of liquefied natural gas (LNG) at the Freeport LNG facility. Dow continues to advocate for a prudent, measured and balanced approach to permit approvals. This latest action brings the total amount of export licenses approved to approximately 6.7 bcf / day. This level is equivalent to almost 10 percent of current U.S. consumption, which many leading American manufacturers consider the high end of the optimal range of exports.
"Companies from around the world are rushing to invest in the United States to take advantage of affordable natural gas, helping to grow our economy and create jobs,” said Andrew Liveris, Dow Chairman and CEO. “We have approached the right balance for this strategic resource, and must therefore be extremely cautious going forward. The most recent data makes clear that sending large volumes of American natural gas abroad will raise consumer energy prices, discourage manufacturing investment, and impede economic growth and job creation.”
The most recent Manufacturing Index Report indicates that October is the fifth straight month of increasing activity in the sector. JP Morgan recently announced that the price of natural gas is expected to triple by 2016, and ConocoPhillips projected that the price of natural gas demand will far exceed the DOE’s projections by 30 percent within the next four years. As we near the high end of the 7.0 bcf / day optimal range of exports, the public interest requires a review of current data by the DOE to ensure that supply and demand can be rationalized in a way that maximizes benefits and minimizes harm to the U.S. economy.
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 2012, Dow had annual sales of approximately $57 billion and employed approximately 54,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 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.
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