Wednesday, May 28, 2008

Dow CEO Suggests Republicans Failed in 2005

The Chief Executive Officer of Dow Chemical lambasted Washington, D. C. for its failure to develop a comprehensive energy policy. Funny, I distinctly heard President Bush brag about such a thing August 2005 when he said:

"This bill launches an energy strategy for the 21st century....This bill is not going to solve our energy challenges overnight. Most of the serious problems, such as high gasoline costs, or the rising dependence on foreign oil, have developed over decades. It's going to take years of focused effort to alleviate those problems. But in about two minutes, we're going to have a strategy that will help us do that."

That was nearly three years ago. Today as a result of soaring petroleum prices, Dow announced price increases up to 20%. They begin working their way through the economic chain on June 1. So far in 2008 crude oil is up 98% and natural gas 58%. Stagflation anyone?