API: USMCA Essential for U.S. Energy Security, Strong Economy and Millions of Jobs
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WASHINGTON, December 20, 2018 – API today submitted comments to the U.S. International Trade Commission (ITC) on the likely impact of the United States, Mexico, and Canada Agreement (USMCA) on the American economy and issued the following statement:
“The U.S., Canada, and Mexico energy markets are highly integrated and interdependent, and the free flow of energy products across North America is part of the reason the U.S. natural gas and oil industry supports millions of American jobs, a robust economy, energy security, and reliable and affordable energy today,” said API Vice President of Regulatory and Economic Policy Kyle Isakower. “The USMCA is an essential trade agreement that will enable the continued U.S. energy revolution.”
“We urge Congress to approve the USMCA, as it retains critical provisions of NAFTA that will benefit American energy consumers. Canada and Mexico are important trade allies that are critical to the future of our economy, and it’s important that natural gas and oil products and investments continue to move freely across our borders.”
API supports free trade agreements and continues to oppose any market restrictions, including steel quotas and tariffs under Section 232 and tariffs under Section 301, which provide uncertainty for U.S. energy projects and potentially threaten U.S. jobs, as well as America’s energy leadership made possible by innovation and free trade. API’s comments to the ITC noted that current tariffs and potential future quotas on steel imports from Canada and Mexico run contrary to the free trade benefits retained through USMCA. The U.S. natural gas and oil industry relies on steel products from Canada, Mexico and other countries for pipelines, well casing for drilling and production, liquefied natural gas (LNG) terminals, petrochemicals plants, and refineries.
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.