API welcomes Senate passage of pro-growth tax reform
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WASHINGTON, December 2, 2017 – API President and CEO Jack Gerard issued the following statement applauding the Senate passage of tax reform legislation.
“With this morning’s Senate vote, Congress is poised for the first time in over 30 years to update our nation’s tax code with pro-growth, pro-development reforms that can grow the U.S. economy, spur new investment, and create jobs,” said Gerard. “Proposals to lower the corporate tax rate and strengthen cost-recovery provisions can allow the oil and natural gas industry to continue investing billions of dollars in the U.S. economy and add to the 10 million U.S. jobs our industry currently supports. These reforms can also drive innovations in new technologies to protect the environment and keep energy costs low for consumers.
“Pro-growth tax reform can support forward-looking energy policies to ensure our nation continues its global energy leadership. We encourage the House and Senate to move forward without delay to bring tax reform legislation to the president’s desk and implement a tax system that is smart, fair, and pro-growth for American consumers, businesses, and the economy.”
To learn more about API’s support for pro-growth tax reform, visit energyandtaxes.com.
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.