API applauds Congress on final passage of pro-growth tax

WASHINGTON, December 20, 2017 – API President and CEO Jack Gerard today applauded Congress after the House took its final vote to advance pro-growth tax reform, marking the last legislative step before Congress sends the bill to President Trump for his signature.

“Today Congress has fulfilled its pledge to modernize the tax code for the 21^st century, setting us on a course towards greater economic growth, job creation, and increased U.S. competitiveness around the globe,” said Gerard. “The leadership of Chairman Hatch in the Senate and Chairman Brady in the House has been instrumental throughout this process, and we commend both the House and Senate for completing their work on this important issue.

“The natural gas and oil industry supports millions of U.S. jobs and invests billions into the U.S. economy each year, and an updated tax code will allow our industry to accelerate investments and help unleash economic activity. Pro-growth reforms like strong cost-recovery provisions and a lower corporate rate can also drive innovations in new technologies to protect the environment and help provide affordable energy for consumers.

“We look forward to President Trump quickly signing this bill into law to deliver pro-growth, pro-development tax reform, strengthening our nation’s long-term energy security and allowing the U.S. natural gas and oil industry to continue providing safe, reliable energy for American consumers, manufacturers and businesses.”

To learn more about API’s support for pro-growth tax reform, visit energyandtaxes.com.

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 625 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 40 million Americans.

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