The American Petroleum Institute (API) today welcomed Senate passage of the U.S.-Mexico-Canada Agreement (USMCA), saying the deal will sustain and grow America’s global energy leadership while benefiting U.S. workers and consumers.
“Congressional approval of USMCA, following completion of the U.S.-China phase one trade deal, represents a significant turning point in American trade policy,” API President and CEO Mike Sommers said. “Free trade plays a critical role in sustaining and growing America’s global energy leadership – leadership that has made the nation more secure, kept household energy costs low and advanced environmental progress. We commend the administration and members of both parties for supporting American workers and energy consumers by bringing USMCA across the finish line.”
Trade with Canada and Mexico supports 12 million U.S. jobs, according to the Business Roundtable, and totaled nearly $1.3T in 2017. Mexico is the No. 1 market for U.S. exports of gasoline, fuel oil and total refined products. Canada is the No. 1 market for U.S. exports of crude oil and fuel blending components. These exports represent viable markets for U.S. products, spurring more production and economic benefits here at home.
API joined more than 200 companies and associations covering a wide range of industries in the USMCA Coalition, which has been working to secure the agreement’s approval in Congress. The coalition’s broad membership helps illustrate the wide, positive impact of free trade across the U.S. economy.
API represents all segments of America’s oil and natural gas industry. Its more than 600 members produce, process, and distribute most of the nation’s energy. The industry supports 10.9 million U.S. jobs and is backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.