press release

Chevron Statement on President Bush's State of the Union Address

SAN RAMON, Calif., Jan. 24, 2007 -- "Chevron applauds the President, as well as the U.S. Congress, for approaching energy security as a strategic issue for the country. We look forward to working with the Administration and Congressional leaders in both parties on these critical issues.

"The President's objective of enhancing America's energy security is the right one. It recognizes the interconnection of global energy markets and the need for a comprehensive, integrated U.S. energy policy. It is also a balanced approach that recognizes the need for more renewable and alternative energy, as well as increased domestic oil and natural gas production, and enhanced energy efficiency.

"Chevron believes the best path toward energy security is a diversified energy portfolio that includes the environmentally-responsible development of domestic oil and natural gas, expanded development of clean coal and nuclear, and the economic development of biofuels. Our nation will need all the clean energy we can economically develop to continue driving economic growth and providing secure, reliable and affordable energy to American consumers.

"The company supports increasing the volume of renewable fuels in America's transportation fuel portfolio. Our company is already pursuing advanced research in cellulosic conversion technology necessary to enable second-generation ethanol to be produced at commercial scale, and we look forward to working with the federal government and other partners to continue that research. To achieve the President's goals for renewable fuels, we will need to move beyond the production of corn-based ethanol. It will require new technology enabling new processes. The President's plan wisely calls for 'safety valves' acknowledging these economic and technological hurdles.

"Lastly, we recognize and support the goal of improving energy efficiency throughout the U.S. economy, including the transportation sector. We have a long history of working with the auto industry to create cleaner more efficient fuels and we will continue to support efforts to make the U.S. auto and light vehicle fleet more fuel efficient."

Published: January 2007