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Manufacturers like ExxonMobil, Pfizer, Lockheed Martin, UPS and Honeywell International have already announced a combined total of more than $74 billion in investments in the United States in the coming years sparked by the Tax Cuts and Jobs Act.
Oil and gas manufacturer British Petroleum (BP) announced this week that it, too, is going to increase its investment in the United States due to tax reform. Though he did not go into details on specific plans, BP CEO Bob Dudley confirmed that there is “no doubt” that the company will increase investments:
British oil and gas company BP will increase investment in the United States after the lowering of tax rates under President Donald Trump, Chief Executive Bob Dudley said on Tuesday.
“It is important for us; there is no doubt we will increase investments,” Dudley, himself a U.S. citizen, said in an analyst call after BP reported a surge in profits in 2017.
Dudley explained how the historic tax reform bill signed into law last year is helping transform the U.S. business environment:
The tax reform is “an enormous value to business in many ways,” Dudley said. “It’s important for us. There’s no doubt we’ll increase investments.” His comments follow those by Exxon Mobil Corporation Chairman and CEO Darren Woods, who last week said plans are underway to boost U.S. investments by $50 billion in the next five years, in part because of tax reform.
From a business standpoint, tax reform is “quite transformational,” Dudley said. “There will be a lot of capital attracted to the U.S. in my opinion, just speaking from BP’s perspective.”
Dudley, a U.S. native, said the regulatory climate in the United States “is suddenly so much easier. It was becoming an avalanche of regulations in every direction. Permitting required sequential federal and state, and now they’re in parallel. Decisions are going to be made faster…”
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