Printer Friendly

CHEVRON CEO HIGHLIGHTS CONSEQUENCES FOR NORTHEAST OF REGULATORY BURDEN ON REFINERS

 CHEVRON CEO HIGHLIGHTS CONSEQUENCES FOR NORTHEAST
 OF REGULATORY BURDEN ON REFINERS
 PHILADELPHIA, Oct. 8 /PRNewswire/ -- Chevron Chairman Kenneth Derr today said motorists in the Northeast will pay at least five cents a gallon more for gasoline when new Clean Air Act requirements for reformulated gasoline take effect in 1995. If states exercise an option to apply an even more stringent California gasoline formula, Derr said, "it could add an additional 20 cents per gallon."
 Speaking to the Penjerdel Energy Council and Union League of Philadelphia, Derr warned his audience against the excessive California standard. "Beware of the cutting edge," he said. "Don't opt in without a careful review of the facts."
 Derr noted that in the last two years California has lost five percent of its jobs, partly because companies have been fleeing the burdensome state regulations. The regulatory burden in California and the rest of the nation is especially heavy on the petroleum industry and consumers of petroleum products, Derr said. "What is happening in America's petroleum industry ought to be a national scandal ... instead, it seems to be a national secret," he told business executives. Derr said the U.S. petroleum industry has lost some 440,000 jobs since 1982.
 Derr said that oil refineries and chemical plants are now facing severe financial pressure from a new wave of environmental regulations, led by the recently amended Clean Air Act. "Refiners will bear a disproportionate share of the load -- somewhere between $30 billion and $50 billion over the next five years," Derr said. "And what that translates into is more plant closures, more lost jobs, more economic pain for American communities."
 Derr called on legislators, industry and the media to inform the public on these issues and work toward policies that balance energy, environment and economic development needs.
 -0- 10/8/92
 /CONTACT: Larry Shushan of Chevron, 415-894-2978/ CO: Chevron Corp. ST: California, Pennsylvania IN: OIL SU:


TM -- SF010 -- 7961 10/08/92 14:47 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 8, 1992
Words:327
Previous Article:LUCAS AND SAGEM NEGOTIATE JOINT VENTURE ON GASOLINE ENGINE MANAGEMENT
Next Article:/C O R R E C T I O N - SPI PHARMACEUTICALS/
Topics:


Related Articles
CHEVRON CEO HIGHLIGHTS CONSEQUENCES OF EXCESSIVE REGULATORY BURDEN ON BUSINESS
CHEVRON TO SELL MIDGRADE GASOLINE IN ALBUQUERQUE
CHEVRON RESTRUCTURES U.S. REFINING AND MARKETING BUSINESS; AFTER-TAX CHARGE OF $550 MILLION PLANNED FOR SECOND QUARTER
EXECUTIVE CHANGES ANNOUNCED FOR CHEVRON INTERNATIONAL OIL COMPANY; CHEVRON U.S.A. PRODUCTS CO.
CHEVRON TO RECORD $325 MILLION SECOND QUARTER GAIN FROM SALE OF CALTEX SHARE IN JAPANESE AFFILIATE; PROCEEDS TO FUND GROWTH
Chevron Vice Chairman Jim Sullivan to Retire.

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