API: Pro-growth tax policies will grow economy and strengthen U.S. energy renaissance
WASHINGTON, September 27, 2017 – API President and CEO Jack Gerard issued the following statement in response to the tax reform proposal released today by Congressional leaders and White House officials.
“Our industry supports pro-growth tax reform, and today leaders in Congress and the administration demonstrated their commitment to achieving this shared goal,” said Gerard. “Creating jobs, growing the economy and spurring investment in the U.S. through pro-growth tax reform is something everyone can support. As this process continues, we look forward to working with Congress and the administration on tax policies that will benefit American consumers and businesses and strengthen the U.S. energy renaissance.
“The natural gas and oil industry is a major driver of our economy, investing billions each year in the U.S. economy and supporting over 10 million jobs. The right pro-growth tax policies can accelerate these economic investments and create more jobs while keeping energy affordable for consumers. This includes strong cost-recovery provisions, which are a critical part of any pro-growth tax code to allow new investment and help fuel the U.S. economy.
“As the world’s leading producer and refiner of oil and natural gas, the U.S. needs a competitive international tax system that will allow our businesses to operate around the globe. A competitive international tax system will support our industry so we can continue investing in the U.S. economy while also driving innovations in technologies to protect the environment and keep costs low for energy consumers.”
To learn more about API’s support for a pro-growth tax reform plan, click here. For more information on pro-growth capital cost recovery mechanisms and a competitive international tax system, visit here and here on API’s website.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 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. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 40 million Americans.
###