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API applauds tax reform

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Hydrocarbon Engineering,

The President and CEO of the American Petroleum Institute (API), Jack Gerard, has issued the following statement applauding the House passage of pro-growth tax reform:

“The House [recently] voted to reform our outdated tax code and modernise it for the 21st Century, bringing American consumers one step closer to economic policies that will create jobs and strengthen the economy […] The oil and natural gas industry supports over 10 million US jobs and invests billions into the US economy each year. A modern tax code will help our industry accelerate these investments to fuel the economy and advance new technologies to help protect the environment and keep energy affordable for consumers, manufacturers, and businesses.

“By including pro-growth proposals like lowering the corporate tax rate and strong cost-recovery provisions, this legislation will help unleash economic growth and allow our industry to continue providing safe, reliable energy for Americans. We look forward to working with the Senate on updating the US tax code and getting a bill to the president’s desk to ensure our nation continues its global energy leadership.”

Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers (AFPM) added the following on H.R.1, the Tax Cuts and Jobs Act, which recently passed in the US House of Representatives.

“[The] House vote for comprehensive tax reform is a welcome and long overdue step to a more competitive US manufacturing sector. This plan modernises the tax code and eliminates market-distorting credits, including those for electric vehicles, which will stimulate economic growth and create jobs. We applaud the House for moving this plan forward and encourage the Senate to follow course in short order.”

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