Valero 2008 Annual Report Download - page 8

Looking to the future, we embrace the CALL FOR
INNOVATION and development of alternative fuels and
other energy sources. In fact, our new wind farm outside
of Dumas, Texas is now operational, and we expect the
remaining turbines to be installed this year. We have also
taken a major step ENTERING THE ETHANOL BUSINESS with
our recent purchase of seven world-scale plants. However,
we continue to believe that sound science and economics
should drive public policy decisions on investment in
alternative fuels, as we face a HIGHLY COMPETITIVE
economic world. Lawmakers and their constituents must
recognize the vast bene ts our company and our industry
provide to this country in our production of low-cost, HIGH-
QUALITY transportation fuels and petrochemical feedstocks.
CONSIDER the following:
Re ners in the United States compete every day
against production from abroad. We have INVESTED
BILLIONS in capital in the United States in order to
comply with state and federal environmental rules
and regulations—capital that our foreign competition
typically does not have to spend. Because re ning is a
GLOBAL BUSINESS, thousands of jobs in the re ning
industry can and will go elsewhere if the shifting
regulatory framework makes it impossible for American
re ners to be competitive in the global marketplace.
The United States imports about 10 million barrels
of crude oil and 3 million barrels of re ned products
every day. It also exports re ned products, taking
advantage of freight e ciencies. The majority of
gasoline, jet fuel and diesel fuel that Americans
use, however, is still produced domestically. We can
continue to COMPETE on a global level only if we
do not let rhetoric about dependence on foreign oil
turn into dependence on foreign re ned products.
The re ning industry continues to address CO2
emissions, and Valero re neries continue to become
more ENERGY-EFFICIENT. Whether you support
CO2 regulations or not, the POTENTIAL IMPACT
on people and industry from many of the current
proposed regulations is far-reaching and dramatic.
Careful and thoughtful legislation is imperative to
PRESERVE AMERICA’S POSITION as the leader in the
industrial sector. We believe this nation can attack the
challenges of climate change with positive incentives
for business rather than with policies that would further
weaken the economy and move jobs overseas.
American manufacturing JOBS ARE DISAPPEARING
along with the economic vitality that those jobs create.
Hard-working Americans are the backbone of this
company, and the thousands of jobs Valero provides
throughout our operations help keep the AMERICAN
DREAM alive. Our employees enjoy good salaries,
health bene ts, company-matched savings plans,
retirement plans, educational assistance, disaster-relief
assistance, development training, a safety culture,
and much more. The EXCELLENT JOBS created by
manufacturing companies like Valero give people the
ability to have a productive and satisfying career.
Valero is a strong supporter of COMMUNITY
INVOLVEMENT and volunteerism. We are well-known
for our generous employees—their gifts of time, talents
and  nancial resources improve thousands of lives
every year. Our employees demonstrate their generosity
in our company-wide United Way campaign, which
exceeded $12 MILLION this year. The Valero Energy
Foundation, our charitable arm, is active in every
community where we do business. Combined with
sponsorships from our charitable events, the foundation
distributed $21.5 million to WORTHY CHARITIES.
Valero is an American company that works hard for all of
its stakeholders with sound business principles, planning
and products that improve consumers’ lives. The jobs we
provide, the taxes we pay, and the IMPACT WE HAVE on
the neighborhoods and communities around our facilities
show the truly positive role we have in our society.
That is our commitment to you.
Bill Klesse
CEO, President & Chairman of the Board