Additional Section 301 Tariffs Hurt U.S. Consumers, Natural Gas and Oil Industry
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WASHINGTON, August 21 – API emphasized the counterproductive effects of Section 301 tariffs on America’s natural gas and oil sector, underscoring the damaging impact that Chinese retaliatory tariffs would have on U.S. LNG exports, and urged the Administration not to impose additional tariffs on Chinese products at today’s hearing before the U.S. Trade Representative on Section 301.
“The U.S. is leading the world in the production and refining of natural gas and oil which is boosting our economy, keeping energy affordable for consumers and benefitting American workers,” said API Director for Tax Policy Stephen Comstock. “Unfortunately, the current trade policies being pursued by this Administration run counter to enhancing our energy dominance throughout the world.
“We understand the need to curb discriminatory trade practices, but these broad, additional Section 301 tariffs currently being considered would likely slow US natural gas and oil production, threaten jobs in our industry and hurt consumers.
“China is currently the third largest importer of U.S. LNG and those export amounts have been increasing to match China’s rising demand for natural gas. The US is one of the world’s main LNG suppliers, but other countries are capable of supplying China – including Australia, Qatar, Malaysia and Russia. This trade dynamic suggests that additional tariffs by the Chinese on U.S. LNG will hurt the US more than it hurts China and naturally incentivize other LNG suppliers to fill this market.”
Comstock’s full written testimony is available on the API 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 600 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 47 million Americans.