API Welcomes Release of Bipartisan Tax Deal

WASHINGTON, January 16, 2024 — The American Petroleum Institute (API) released the following statement today from API Executive Vice President and Chief Advocacy Officer Amanda Eversole after the chairs of the House and Senate tax writing committees released the framework for the Tax Relief for American Families and Workers Act:

“We applaud Rep. Smith and Sen. Wyden for their leadership in advancing this bipartisan agreement to promote American investment. The oil and gas industry is extremely capital intensive, supports nearly 11 million jobs, and contributed more than $400 billion to federal, state, and local governments in 2022 alone. Full expensing and a more globally competitive deduction for interest expense are absolutely critical to our industry’s ability to produce affordable and reliable energy. This is an important first step, and we look forward to continuing to work with both committees to advance pro-growth tax policy.”

API represents all segments of America’s natural gas and oil industry, which supports nearly 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our approximately 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.

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