Midland, MI - March 25, 2014
Dow is carefully reviewing today’s decision by the Department of Energy (DOE) to approve the seventh application for the export of liquefied natural gas (LNG), this from the proposed Jordan Cove LNG facility. Dow and other manufacturers have consistently advocated for a measured and balanced approach to permit approvals. Today’s announcement brings the total amount of export licenses approved to non-FTA countries to more than 9.2 bf/day, a level which many researchers and economists conclude could drive natural gas price increases, greatly affect consumer costs, and have repercussions throughout the U.S. economy.
Domestic and foreign investment in the United States, spurred by the promise of abundant and affordable supplies of energy, is driving an American manufacturing renaissance. This rising movement - to make things in America - is fueling job creation and economic growth. Approving natural gas exports without fully understanding the implications to the U.S. manufacturing sector jeopardizes this economic recovery and the new jobs that flow from it.
Just last week, the U.S. Conference of Mayors released a report on the positive effects of low cost natural gas on this renaissance. From 2010 to 2012, energy-intensive manufacturers added almost 200,000 U.S. jobs to the economy and increased real sales by more than $120 billion. In addition, IHS Chemical estimates that “$125 billion in petrochemical investments related to U.S. shale gas have been announced, with more likely to come.” Today, U.S. manufacturers are putting Americans back to work and creating high-paying jobs due to this new abundance of reliable and affordable natural gas, this is vastly preferable to sending our energy resources overseas – and jobs – overseas.
Eight in 10 voters think American natural gas should be used in our country to help power economic growth. It is the time for the Department of Energy to listen to American consumers; to articulate their criteria for considering the public interest, as is required by law, and to conduct a rule-making study on the implications of further LNG export approvals on consumer energy prices before approving any further applications.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from the intersection of chemical, physical and biological sciences to help address many of the world's most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow's integrated, market-driven, 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 180 countries and in high growth sectors such as packaging, electronics, water, coatings and agriculture. In 2013, Dow had annual sales of more than $57 billion and employed approximately 53,000 people worldwide. The Company's more than 6,000 products are manufactured at 201 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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