American Petroleum Institute (API) President and CEO Mike Sommers issued the following statement after the Senate Finance Committee released its proposed markup of the 2025 reconciliation bill: “We applaud Chairman Crapo and the Senate Finance Committee for presenting a tax plan that fortifies America’s energy advantage. This proposal strengthens key investment provisions and encourages oil and natural gas development to meet growing demand for affordable, reliable energy. We look forward to working with Congress to get the One Big Beautiful Bill across the finish line and ensure a final tax package that advances global competitiveness.”