Bill Bush | 202.682.8069 | bushw@api.org

WASHINGTON, December 1 – API president and CEO Jack Gerard said the tax recommendations from the administration’s deficit commission need to be thoroughly debated to ensure that whatever policies are eventually implemented address the deficit with the least impact on the economy:

“Our industry recognizes the importance of the commission’s work and looks forward to participating in the debate over tax and spending policy changes needed to address the deficit. By taking a broad approach to corporate tax reform, the preliminary recommendations of the co-chairs appear to open the debate to proposals that hopefully allow U.S. industries, like ours, to continue to spur job creation, domestic energy production, and revenue for critical government services.

“Shared sacrifice and rational policies are necessary to address the deficit. We look forward to more closely reviewing and evaluating the full commission’s recommendations and working with all policymakers on new approaches for addressing ballooning deficits while enhancing our energy security and strengthening our economy.”

API represents more than 400 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports more than 9.2 million U.S. jobs, accounts for 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives, while reducing the industry's environmental footprint.