API welcomes Senate letter supporting North American energy markets

API President and CEO Jack Gerard welcomed a letter sent by eight U.S. Senators to U.S. Trade Representative Lighthizer emphasizing the importance of North American energy markets to American consumers and U.S. energy security in advance of the North American Free Trade Agreement (NAFTA) renegotiation.

“Today’s North American energy markets are highly integrated and interdependent, and we are pleased to see the Senate recognize the enormous benefits these markets provide for the U.S. economy and consumers, “said Gerard. “By expanding the size of our energy markets, this energy integration creates economies of scale that attract private investment, lower capital costs, and reduce energy costs for consumers and businesses.

“NAFTA has played a critical role in facilitating North American energy integration, which enhances U.S. energy security, supports millions of American jobs in the oil and natural gas industry, and helps make energy more affordable. We look forward to continuing our work with Congress and the administration on policies to keep North American energy integration strong, protecting energy consumers and investors and advancing our nation’s energy leadership throughout the world.”

The bipartisan letter was led by U.S. Senators John Cornyn (R-Tex.) and Heidi Heitkamp (D-N.D.) and can be viewed here. Last week, the House sent a letter to USTR on energy priorities that was applauded by API and can be viewed here.

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.