Valero 2007 Annual Report Download - page 9
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and procurement business units and are centralizing more of
our procurement activities to achieve better standardization and
cost savings.
We made signicant investments in environmental initiatives,
not only to comply with increasingly stringent local, state and
federal environmental regulations, but also to participate
in voluntary environmental programs. While our industry is
constantly challenged by new environmental regulations, Valero
continues to demonstrate that with technology and ingenuity,
it is possible to produce clean-burning fuels and be a good
environmental steward.
Throughout this 2007 Annual Report, you will be
reading about successes, milestones, accomplishments,
projects and commitments. Behind every achievement in this
report are hard-working, dedicated, smart people who drive our
business and care for our communities. We are proud of our
people and are committed to providing them with a challenging,
enjoyable and rewarding work environment with opportunities for
professional growth and development. Our goal is to continue to
foster their growth so that, together, we can realize our vision and
the earnings potential of our assets.
As we enter 2008, we have very high
prices for crude oil, and gasoline margins have fallen from last
year’s very high levels. In a political climate of mixed messages,
Congress has enacted new CAFE targets, maintained limited