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ARCO CHAIRMAN ANNOUNCES SUPPORT OF PRESIDENT'S CORPORATE TAX INCREASE, CONCEPT OF BTU TAX ON ENERGY

 Urges Larger Cuts in Federal Spending
 LOS ANGELES, Feb. 22 /PRNewswire/ -- ARCO Chairman and Chief


Executive Officer Lodwrick M. Cook today announced ARCO's support of President Clinton's proposed corporate tax increase and the concept of a BTU tax on energy.
 "We urge that every effort be made to streamline the energy tax plan to avoid clutter, confusion and an expensive bureaucracy to administer it," Cook said. He also called upon the Administration and Congress to seek even greater deficit reductions through deeper cuts in federal spending.
 In a statement issued by ARCO, Cook said:
 "Recognizing the need for all Americans to share the burden of deficit reduction, ARCO supports President Clinton's proposed 2 percent corporate tax increase and his concept of a BTU tax on energy.
 "These tax increases will be costly to ARCO and to consumers. Nevertheless, by spreading the cost throughout the economy as the President proposes, we believe that no single sector of the economy or region of the country will be unfairly burdened.
 "We urge the Administration and Congress to work vigorously to reduce federal spending even beyond the levels currently being discussed. Without very significant spending reductions, it will be difficult, perhaps impossible, to achieve the deficit reductions that are necessary or to gain the support of the American people."
 -0- 2/22/93
 /CONTACT: Albert Greenstein of ARCO, 213-486-3384/
 (ARC)


CO: ARCO ST: California IN: OIL SU:

JL-MS -- LA029 -- 9063 02/22/93 16:44 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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