API Applauds U.S.-Mexico-Canada Trade Deal Signing
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WASHINGTON, January 29, 2020 — American Petroleum Institute (API) President and CEO Mike Sommers today applauded the signing of the U.S.-Mexico-Canada agreement (USMCA) at the White House. Mexico has already ratified the agreement, and Canada’s Parliament is expected to act in the coming months.
“USMCA is a win-win for American workers and energy consumers,” API President and CEO Mike Sommers said. “North American energy markets are deeply integrated and interconnected, and the free flow of energy products and investments in natural gas and oil across our borders is critical to sustaining American energy leadership and economic growth. This agreement will ensure the U.S. can continue its role as the world’s energy leader while delivering affordable and reliable energy to Americans and enabling environmental progress. The fact that the administration and members of both parties came together to get this done sends an important signal to our trading partners and provides certainty for American supply chains that support millions of U.S. jobs.”
U.S. 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 the 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 representing agriculture, manufacturing, labor, energy and small businesses in the USMCA Coalition, which has advocated for 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 represents all segments of America’s oil and natural gas industry. Our more than 600 members produce, process and distribute most of the nation’s energy. The industry supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.