WASHINGTON, Dec. 22, 2017 /PRNewswire-USNewswire/ -- API President and CEO Jack Gerard today welcomed President Trump's signature on H.R. 1, delivering pro-growth, pro-development economic reforms to the U.S. tax code for the first time since 1986.
"Today with the stroke of a pen, the U.S. has finally adopted a modern tax code that will unleash economic growth in our nation, creating jobs and spurring investment," said Gerard. "With smart policies in place like a pro-growth tax code, the natural gas and oil industry can continue building on the millions of jobs we support and billions we invest into the U.S. economy each year. These reforms will also advance investments in new technology and innovation to protect the environment and help provide affordable energy for American consumers, manufacturers, families and small businesses.
"In addition, the industry welcomes access to the non-wilderness Alaska 1002 Area to spur economic growth. The natural gas and oil industry has the technology and expertise, along with decades of experience, to safely explore energy resources in the Arctic while protecting the surrounding environment. Responsible access to the 1002 Area is also in our national security interest, with other nations like Russia, Canada and Norway already actively exploring the Arctic region.
"It's been over 30 years since our nation has reformed its tax code, and President Trump and his administration have delivered a modern tax policy that will remove barriers to economic development and ensure the U.S. is competitive around the globe. We commend the administration's actions to strengthen our nation's energy security this past year by implementing a pro-growth tax code, streamlining regulations, and promoting a robust energy infrastructure system. We look forward to building on this progress in the New Year and continuing our work to provide safe, reliable access to affordable energy."
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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SOURCE American Petroleum Institute