WASHINGTON, February 26, 2014 – A discussion draft of tax reform proposals from Ways and Means Committee Chairman Dave Camp could harm job creation and America’s energy and manufacturing sectors, said API President and CEO Jack Gerard in a statement today:

“Chairman Camp’s ideas show he has put a lot of work into tax reform, but there is a great deal of work left to do. Tax reform is not easy to achieve. As this proposal illustrates, it is even harder to get right.

“An energy and manufacturing renaissance has supported our economy through tough times and created hundreds of thousands of jobs here at home. There are serious flaws in this discussion draft regarding cost recovery and LIFO accounting that could hurt jobs, American energy production and our energy security.

“America’s oil and natural gas industry already generates $85 million per day for the federal government. Higher taxes on energy and manufacturing would hit American families and workers by undermining private investment, job creation, energy production and government revenue.

“There are many voices in the tax reform conversation. We will continue to educate lawmakers on the important role tax policy plays in the investment decisions of capital intensive industries like ours.”

API represents all segments of America’s oil and natural gas industry. Its more than 580 members produce, process, and distribute most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.