WASHINGTON, July 1, 2020 – The American Petroleum Institute (API) today welcomed the implementation of the U.S.-Mexico-Canada Agreement (USMCA), which will bolster U.S. energy leadership while benefiting American workers and consumers.
“American trade policy has entered a new era of opportunity with the implementation of USMCA, paving the way for sustained U.S. energy leadership and stronger economic growth,” API President and CEO Mike Sommers said. “This agreement provides a critical framework for free and fair trade across North America, making energy markets more accessible and serving as the foundation for new investments in natural gas and oil across our borders to deliver affordable, reliable energy to more communities. We encourage all parties to continue to engage diplomatically to ensure investment protections provided by USMCA are implemented successfully to realize the full benefits of this historic agreement.”
As a member of the USMCA Coalition, API joined over 200 companies and associations representing a wide cross-section of industries to emphasize the importance of free trade across the U.S. economy. The broad-based coalition was instrumental in securing the agreement’s bipartisan approval in Congress.
According to the Business Roundtable, cross-border trade with Canada and Mexico supports 12 million American jobs and totaled nearly $1.3 trillion in 2017. Mexico and Canada are also top destinations for U.S. energy products with Mexico now the No. 1 export market for U.S. natural gas and refined products. Meanwhile, Canada is the biggest customer for U.S. crude oil, accounting for more than 30 percent of total crude oil exports.
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 millions of 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.