WASHINGTON, May 10, 2017 /PRNewswire-USNewswire/ -- Today API welcomed Customs and Border Protection's (CBP) decision to withdraw its proposed changes to the agency's interpretation of the Jones Act as it applies to vessels in offshore oil and natural gas activity, a change that could have had widespread negative impacts on American jobs.
"Withdrawing the proposed changes protects U.S. energy security and allows for consumers and businesses to continue benefitting from America's energy renaissance," said API Upstream Director Erik Milito. "A recent report projected that this proposal could have resulted in the loss of thousands of American jobs, reduced U.S. oil and natural gas production, and diminished revenues for federal and state government.
"By rescinding the proposal, CBP has decided not to impose potentially serious limitations to the industry's ability to safely, effectively, and economically operate. The responsible development of America's abundant oil and natural gas resources is a critical part of a forward-looking energy policy that will secure our energy future and help meet our nation's energy needs."
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 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 30 million Americans.
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SOURCE American Petroleum Institute