API commends House passage of USMCA
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WASHINGTON, December 19, 2019 – The American Petroleum Institute (API) issued the following statement following House passage of the U.S.-Mexico-Canada Agreement (USMCA).
“Today’s bipartisan vote brings us one step closer to implementing a historic trade agreement that will benefit every state across the country,” API President and CEO Mike Sommers said. “For the natural gas and oil industry, USMCA means more jobs, stronger energy security and continued economic growth. The United States now leads the world in natural gas and oil production, and market access to Canada and Mexico generates economic activity not just in energy development but a wide range of industries. Energy suppliers, manufacturers, farmers and small businesses nationwide are counting on the Senate to move swiftly and bring USMCA across the finish line.”
Trade with Canada and Mexico supports 12 million U.S. jobs, according to the Business Roundtable, and totaled nearly $1.3 trillion in 2017. Mexico is the No. 1 market for U.S. exports of gasoline, fuel oil and total refined products. Canada is No. 1 market for U.S. exports of crude oil and fuel blending components. These exports represent viable markets for U.S. products, spurring more production and economic benefits here at home.
API joined more than 200 companies and associations covering a wide range of industries in the USMCA Coalition, which has been working to secure the agreement’s approval in Congress. The coalition’s broad membership helps illustrate the wide, positive impact of free trade across the U.S. economy.
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, 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. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.