It has been proposed that the magnitude of goal valence (the subjective attractiveness or unattractiveness of a potential outcome) increases directly with energy mobilized to carry out instrumental behavior. The present studies were designed to test this by examining the effect of unlabelled residual arousal upon appraisals of a potential aversive outcome. In a preliminary investigation, subjects performed a low- or high-effort stair-stepping exercise and then went to a room to rest. Measures of systolic blood pressure and self-perceived arousal taken during the rest period indicated (1) there was residual excitation after 1 and 5 min, but not after 9 min, for high-effort subjects, (2) there was residual excitation after 1 min, but not 5 and 9 min, for low-effort subjects, and (3) although high-effort subjects were still aroused after 5 min, they thought they were near baseline. In the first goal valence study, subjects performed the high-effort exercise and then, 1, 5, or 9 min later, were presented with the opportunity to avoid an aversive reading task by performing successfully a preliminary anagram task. As expected, ratings of how unpleasant the reading task would be were higher at 5 min than at 1 and 9 min. The second goal valence study included low-effort as well as high-effort conditions. Once again, unpleasantness ratings were found to be higher at 5 min than at 1 and 9 min for the high-effort subjects. For the low-effort subjects, though, unpleasantness ratings were modest and constant across time.