TEXACO: AMERICANS SUPPORT NEW ENERGY MEASURES

Most Americans support strong new measures to soften the jolt of oil supply disruptions such as the United Nations' embargo of oil from Iraq and Kuwait.

In a national survey on the Iraqi crisis, 86% of those responding said the U.S. needs to adopt a new national energy policy.

The survey, commissioned by Texaco Inc. and conducted by Penn + Schoen Associates Inc., New York, during the weekend of Aug. 18 and 19, involved 978 interviews nationwide.

More than 30 questions were asked during the interviews, focusing on issues such as national energy policy, how long the crisis in the Middle East will last, and ways in which to manage the growing dependence of the U.S. on imported oil.

WORRISOME POINTS

The survey revealed a number of areas of concern by the American public:

46% of those surveyed believe the situation in the Middle East will last many months to at least 1 year.
49% recognize that the U.S. imports about 50% of its crude oil needs.
73% believe Iraq's seizure of Kuwait is a serious threat to the U.S. economy and the nation's way of life.

Texaco Pres. and Chief Executive Officer James W. Kinnear said, "This poll reinforces our belief that Congress, the administration, the oil industry, and the American public should take concerted, urgent steps to secure the future energy needs of the U.S. by developing and implementing a strong national energy policy."

WHAT'S REQUIRED

Survey respondents suggested some areas of focus for inclusion in future energy policies for the U.S.:

Conservation-86% of those responding said conservation should be part of an energy strategy.
Incentives for exploration - 59% favor this as a component of energy strategy.
Incentives for refineries-63% agree that new incentives for U.S. refineries need to be put in place.
Alternate energy-86% believe the U.S. should foster development of alternate sources of energy.
Modifying federal tax law-70% favor changing tax law to put U.S. oil companies on more equal footing with non-U.S. competitors.
Environmental protection-92% believe oil companies can develop environmentally safe methods to find and develop fields. Kinnear called that belief "heartening."

He said, "The survey results indicate a broad outline for a major policy initiative. With such broad based support by the American public, we hope Congress will work toward enacting a strong, new, national energy policy this fall.

"The stage is now set for more specific policy proposals to be set forth and discussed, and Texaco plans to offer its suggestions as the process evolves.