Dem’s Fracking Ban Would Cost $7 Trillion, Industry Warns
Fracking is a dirty word as far as Rep. Alexandria Ocasio-Cortez is concerned, but those in the oil-and-gas industry warn that life without hydraulic fracturing would be far grubbier.
The American Petroleum Institute drilled down this week on rising Democratic calls to ban fracking on private and public lands, releasing a study Thursday warning that such proposals would have “dire consequences,” including plunging the nation into a recession.
The economic analysis found that a ban on hydraulic fracturing would kill 7.5 million jobs by 2022; slash gross domestic product by $7.1 trillion by 2030, reduce household incomes by $5,400 annually and increase consumer energy bills by $600 a year.
“American families should be shocked to hear proposals from candidates for high office that would ban this transformative technology, which would erase a generation of American progress and return us to the days of heavy reliance on foreign energy,” said API President and CEO Mike Sommers.
He didn’t use the word “Democrat,” although the only politicians calling for a fracking ban hail from the left side of the aisle, led by presidential primary hopefuls Sens. Bernie Sanders and Elizabeth Warren.
The API study capped a week that saw industry officials fuel a pro-fracking offensive to counter the left’s mounting campaign against the 60-year-old extraction technology that spurred the shale revolution and is used in 95% of new U.S. wells.
In addition to the study, the API released digital ads touting the benefits of fracking.
Meanwhile, the Western Energy Alliance took out a full-page ad Monday in The New York Times signed by 54 industry executives saying it would be “criminal not to produce oil and natural gas.”
“Sen. Sanders calls us criminal and Vice President [Joseph R.] Biden says he would put us in jail, but it would be criminal not to produce the life-sustaining energy that enables a healthy, safe and modern lifestyle,” said Kathleen Sgamma, president of Western Energy Alliance.
The pushback comes as Democrats raise the temperature on their anti-fracking rhetoric as they seek to rally voters to the climate-change cause leading up to the Nov. 3 election.
Read rest at Washington Times