Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Friday, July 20, 2018 08:47:39 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

NAFTA has worked for US oil industry

By
11th-Jan-2018       
Comments
Share your thought
Post a comment »
Read all () »

AFP, Washington :
The US oil industry has benefitted from the free trade pact with Canada and Mexico, and an industry representative on Tuesday urged the Trump administration to keep the deal intact.
With the next round of talks to renegotiate the North American Free Trade Agreement (NAFTA) set to open later this month in Montreal, Jack Gerard, president of the American Petroleum Institute, said it would be a mistake to alter the terms for energy.
"From our vantage point, the energy part of NAFTA is not broken," Gerard told reporters.
President Donald Trump demanded renegotiation of NAFTA to get a better deal for US businesses and consumers.
But many US companies say it has been beneficial to American industry and consumers, and Gerard said it has been critical to the success of the oil industry as well.
"Our greatest concern is that if they are not able to reach agreement on some of those other parts, we believe they should stay with the existing NAFTA construct as it relates to energy as opposed to pulling out of NAFTA," he urged.
Trump has denounced NAFTA as a "disaster" and the worst agreement ever signed by the United States, blaming it for a $64 billion trade gap with Mexico and loss of countless jobs.
But Gerard said the deal "is a great example for what can happen with open borders."
According to government data, US exports of oil and refined products to Mexico has soared under NAFTA, to 880,000 barrels per day in 2016 from just 124,000 before the deal went into effect.
Negotiators have conducted five rounds of talks to date but have stumbled over some thorny issues. And with Mexican presidential elections coming up this summer and US midterm elections late in the year, the discussions become more complicated by political concerns.
Despite his concerns about NAFTA, Gerard praised the Trump administration for the corporate tax cuts approved last month, for its efforts to remove "redundant and duplicative" regulations and permitting requirements, and for the recent decision to open offshore waters to drilling.
The Department of the Interior announced the plan last week to allow drilling in virtually all US waters, reversing the Obama-era rules.
Gerard said 94 percent of offshore areas had been closed to drilling and "we are the only developed nation in the world that puts our energy resources off limits."
He said any leases would require talks with local authorities-some of whom oppose drilling in delicate environmental areas-but some areas "haven't been looked at with modern technologies and techniques for over 30 years," he said.
"Why would we continue to deny that opportunity if we can produce it safely and in an environmentally-sound way?"

Tariff
Add Rate

News Archive

Inside The New Nation

International »

Trump-Putin summit: Democrats call for interpreter to testify


BBC Online :US opposition politicians are calling for Donald Trump's interpreter to testify before Congress about his summit talks with Vladimir Putin.The lead Democrat on the Senate Foreign Relations Committee, Robert Menendez, called for Marina Gross to be subpoenaed to appear at the committee.Controversy has raged over the summit, with ...

Sports »

Minnesota United forward Christian Ramirez (21) is congratulated by teammate Alexi Gomez (32) after his goal during the first half of an MLS soccer match against the New England Revolution in Minneapolis on Wednesday.


Sports »

Ciara (left) and Seattle Seahawks' Russell Wilson present the award for best female athlete to snowboarder Chloe Kim at the ESPY Awards at Microsoft Theater on Wednesday in Los Angeles.


Editorial »

Wise men around the govt deliberately misinterpreting the judgement


THE government has been referring to a Supreme Court "order" on the reservation of 30 percent quota for the children of freedom fighters for the last few days, arguing that it cannot be changed. But the fact is that it was an observation of the court and the government has ...

City »

Teachers and students of the city`s Motijheel Ideal School and College showing victory (V) sign for brilliant results of the institution in the HSC examination on its campus on Thursday.


Entertainment »

Runa Laila receives Personality Award today


Entertainment Report :Internationally renowned singer Runa Laila is going to receive Personality Award today. She will receive the award at 6:00pm at Hotel Sonargaon. Since 1996 Shako Telefilm has been awarding different cultural personalities for their contributions. As a part of its continuation, Runa Laila will receive the award. Nazmul ...

City »

Bangladesh Sammilita Peshajibi Parishad formed a human chain in front of the Jatiya Press Club on Wednesday demanding unconditional release and proper treatment of Begum Khaleda Zia.


Editorial »

Public money and gold are not safe, it is a national disgrace


Bangladesh Bank on Tuesday refuted the allegation that one of the gold bars kept in its highly secured vault by the customs department was adulterated. Following a report published by a vernacular daily that quoted Customs Intelligence Investigation Department report, the central bank comes up with the observation that "the ...

Football »

French World Cup victors show triumph of diversity: Obama


AFP, Johannesburg :Former US president Barack Obama on Tuesday singled out the African heritage of many players in France's World Cup-winning football team in a speech paying tribute to Nelson Mandela.Speaking in Johannesburg to mark 100 years since Mandela's birth, Obama said that embracing diversity "delivers practical benefits since it ...

Football »

Maurizio Sarri, the new Chelsea soccer team manager, holds up a jersey during a press conference for his official presentation at Stamford Bridge stadium in London on Wednesday.


Entertainment »

Former supermodel Tapur Chatterji turns entrepreneur


In the ever-changing landscape of contemporary times, there’s more career crossover now than ever before. Granddaughter of veteran film director Hrishikesh Mukherjee, Tapur Chatterji who made a mark as of India’s most formative supermodels in 90’s has recently forayed into design and interiors and launched her own entrepreneur outfit. With ...

International »

Thai cave boys leave hospital ahead of press conference


AFP :Twelve boys and their football coach who survived a highly dangerous and dramatic rescue from a flooded Thai cave were discharged from hospital Wednesday ahead of a press conference where they will tell their incredible story for the first time.An AFP correspondent on the scene saw the team, who ...

Entertainment »

Elnaaz surprised by Salman -Katrina controversy about Sacred Games


Actress Elnaaz Norouzi is surprised that there is a controversy about the characters of Karan Wahi and her in the Netflix series Sacred Games. The characters are alleged to have taken inspiration from real life incidents in Salman Khan and his ex-girlfriend Katrina Kaif's real lives.  "While shooting the episodes, ...

Entertainment »

Vidya Balan is all set to play her first Telugu film!


One can't refute the fact that Vidya Balan is one of the most versatile actresses in Indian Cinema today. The National Award Winning actress has never shied away from going off the beaten track and picking up complex and challenging roles. Needless to say, she has effortlessly nailed them all ...

Football »

Mbappe to donate US $500,000 World Cup winnings to charity


Sports Desk :French teenage sensation Kylian Mbappe will be donating his entire World Cup earnings to a charity that organises sporting events for children with disabilities.The 19-year-old reportedly earned about US$22,300 per game in the tournament and an additional US$350,000 for helping his country lift the World Cup trophy on ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news