API President and CEO Jack Gerard issued the following statement in response to Congressional leaders in the House and Senate and administration officials expressing their support today for pro-growth tax reform.
"API supports pro-growth tax reform and the combined commitment shown today by the White House and Congressional leaders will help us achieve this important goal,” said Gerard. “Tax reform focused on economic development can benefit American consumers, businesses and the economy. We will continue to work with leaders in the House, Senate, and administration on pro-growth policies that will help strengthen the U.S. energy renaissance.
"The oil and natural gas industry is investing billions in the U.S. economy each year, and pro-growth tax reform would enable our members to help accelerate these economic investments while keeping energy affordable. The right tax reform approach must support job creation, manufacturing competitiveness and global trade, including robust capital cost recovery mechanisms, a competitive international tax system, and use of available foreign tax credits as part of any deemed repatriation provision."
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. Our members provide most of the nation’s energy and are backed by a growing grassroots movement of more than 40 million Americans.
SOURCE: American Petroleum Institute