API: Modernizing NAFTA to strengthen North American energy markets will benefit consumers

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07/18/2017 | 01:07 am

Brooke Sammon | 202.682.8114 | [email protected]

WASHINGTON, July 17, 2017 - API President and CEO Jack Gerard was pleased to see the administration's recommendations for modernizing the North American Free Trade Agreement (NAFTA) seek to preserve and strengthen North American energy markets and its benefits for consumers.
'NAFTA provides a strong foundation for the energy flows that occur between the U.S., Canada and Mexico,' said Gerard. 'We applaud this administration's willingness to consider ways to improve North American energy markets that are already providing enormous benefits to the U.S. economy and consumers. The U.S. is now the largest producer of oil and natural gas in the world, and this coupled with enhanced energy integration with Canada and Mexico will increase long-term U.S. energy and national security.
'NAFTA has played a critical role in North American energy security by facilitating cross-border trade and investment in energy, supporting millions of U.S. jobs in the oil and natural gas industry, and we encourage the administration and Congress to keep this in mind as they consider possible changes to the agreement.'
API has promoted North American energy integration and the benefits provided to American consumers and businesses. In June, API submitted comments on NAFTA to U.S. Trade Representative Lighthizer highlighting these benefits to the U.S. economy. For instance, NAFTA promotes imports and exports to and from the U.S., Canada and Mexico - all of which support the 9.8 million jobs within the U.S. oil and gas industry and reflect 8 percent of the U.S. economy.
'NAFTA supports U.S. jobs and manufacturing in energy, helps to make energy more affordable for American families, enhances energy security and affordability for U.S. allies, and enables U.S. companies to compete in Canada and gain opportunities for development in Mexico,' continued Gerard. 'Preserving these benefits is critical, and that includes supporting key provisions like a strong Investor State Dispute Settlement mechanism to protect U.S. companies and ensure they receive fair and equitable treatment. As the process gets underway, we look forward to working with the administration and Congress to continue the U.S. energy renaissance.'
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 40 million Americans.
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API - American Petroleum Institute published this content on 17 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 July 2017 23:07:11 UTC.

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