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API statement on preliminary agreement reached between U.S., Mexico to update NAFTA

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WASHINGTON, August 27, 2018 – The American Petroleum Institute released the following statement regarding an announcement that the Trump Administration has reached a preliminary agreement between the United States and Mexico to update the North American Free Trade Agreement (NAFTA):

“We are encouraged that negotiators have reached a preliminary agreement to modernize our trade relationships,” said API President and CEO Mike Sommers. “America’s natural gas and oil industry depends on trade to continue to grow U.S. jobs and our economy, and deliver for consumers.”

API is the only national trade association representing all facets of the natural gas and oil 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.