Subsequent to the U.S. House of Representatives’ recent passage of a tax reform bill, American Petroleum Institute (API) President and CEO Jack Gerard issued a congratulatory statement lauding the legislative landmark and conveying optimism.
“Today the House voted to reform our outdated tax code and modernize it for the 21st century, bringing American consumers one step closer to economic policies that will create jobs and strengthen the economy,” Gerard said. “The oil and natural gas industry supports over 10 million U.S. jobs and invests billions into the U.S. economy each year.”
Adding that an updated tax code will allow the energy sector to invest in new technology, safeguard the environment and keep energy costs low for end users, Gerard stated that pro-growth policies will “unleash economic growth” and ensure uninterrupted energy provision.
“We look forward to working with the Senate on updating the U.S. tax code and getting a bill to the president’s desk to ensure our nation continues its global energy leadership,” he said.
API stated on its energyandtaxes.com website that energy is the "foundation for our economy and standard of living," and oil and natural gas provide the majority of the energy that American’s depend on every day.
"All industries will be impacted by any tax reform effort," the API said. "But it is imperative that any new tax system not specifically target any one industry over another for additional tax benefits, burdens or costs.”