Printer Friendly

AMOCO CHAIRMAN SUPPORTS GOVERNMENT SPENDING CUTS AND CALLS FOR COOPERATIVE EFFORT TO AID ENVIRONMENT

 AUSTIN, Texas, March 9 /PRNewswire/ -- Amoco Corporation (NYSE: AN) Chairman Larry Fuller said President Clinton's tax package is too strong on tax-and-spending increases and too light on spending cuts.
 "Like all of you, I support President Clinton's stated goals of reducing the deficit, creating jobs, and increasing productivity," Fuller told members of Austin's Downtown Rotary Club. But he said an energy tax must be carefully crafted to avoid damage to the economy.
 "I believe that our problem is government spending, not insufficient revenue," Fuller said. "In 1960, the federal budget was balanced as revenue and spending both equalled 19 percent of Gross National Product (GNP). Now, revenues are still 19 percent, while spending is 24 percent of a much larger GNP. The National Governors Conference recognized this when it called for $2.75 in spending cuts for each dollar in tax increase.
 "This may be difficult to achieve," Fuller said, "but the effort to reduce the deficit should begin with spending cuts. And if a tax increase is required, it should be a broad-based consumption tax.
 "Such a tax would remove the fear of further deficit increase, guarantee a reliable source of revenue in the years ahead, promote saving, discourage imports, and encourage exports," Fuller added. "Most energy economists point out that a Btu tax as now proposed would have no meaningful impact on oil import dependence or on atmospheric emissions."
 However, Fuller said that strong cooperation between industry and government could bring major economic and environmental benefits to the nation. He cited a joint government/Amoco study at Amoco's Yorktown, Va., refinery that showed that improved environmental performance can be achieved at refineries at a lower cost by using site-specific approaches rather than the current "one size fits all" rules that cover all refineries.
 "Amoco will spend about $54 million over the next four years to reduce hydrocarbon emissions from the refinery as required by existing regulations," Fuller said. "But the study found that Amoco could reduce emissions by the same amount for only $10 million if we were allowed to implement scientifically sound alternatives."
 -0- 3/9/93
 /CONTACT: Mary Milnamow of Amoco Corporation, 312-856-5566/
 (AN)


CO: Amoco Corporation ST: Illinois IN: OIL SU:

BM -- CL015 -- 4656 03/09/93 16:31 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 9, 1993
Words:375
Previous Article:PROCTER & GAMBLE ANNOUNCES BOARD CHANGES
Next Article:NAWGA STUDY POINTS OUT IMPORTANCE OF WHOLESALERS TO FOOD SYSTEM; WHOLESALE-SUPPLIED RETAILERS SELL MORE THAN HALF OF U.S. FOOD
Topics:


Related Articles
AMOCO, LOS ALAMOS NATIONAL LABS PROJECT TO IMPROVE CONVERSION OF HEAVY CRUDE TO GASOLINE
AMOCO TARGETS $3.2 BILLION CAPITAL SPENDING FOR 1993
AMOCO CHAIRMAN SAYS CUT SPENDING TO CUT DEFICIT, USE BROAD-BASED CONSUMPTION TAX, NOT ENERGY TAX
AMOCO'S FULLER, ADDY ADDRESS NEW YORK ANALYSTS
AMOCO'S EARLY, CARL ADDRESS SAN FRANCISCO ANALYSTS
AMOCO AND LAGOVEN SIGN JOINT STUDY AGREEMENT FOR AREA OF MUTUAL INTEREST OFFSHORE VENEZUELA AND TRINIDAD
AMOCO ANNOUNCES EXECUTIVE CHANGES
General Motors Delivers Power to New York City's Low-Emissions Hybrid Electric Bus.
Alabama Gov. Siegelman Joins BP Amoco to Announce Lower-Sulfur Gasoline for Metro Birmingham.
EPA and DOJ Announces Record Clean Air Agreement With Major Petroleum Refiners.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters