The U.S. Chamber of Commerce’s Global Energy Institute recently released a report as part of their 2020 Energy Accountability Series highlighting the real-world consequences of what would happen if hydraulic fracturing, commonly known as fracking, was banned in the United States.
If a fracking ban were imposed in 2021, the U.S. would lose:
- 19 million jobs, including more than 3 million in Texas alone;
- $7.1 trillion in GDP, particularly impacting states like Ohio, Pennsylvania, Colorado, New Mexico, and Texas with energy-focused economies;
- $1.9 trillion in local, state, and federal tax revenue; and,
- Our energy security, as we would have to rely on our other countries for our natural gas and oil supply.
Meanwhile, also by 2025 under a fracking ban:
- Natural gas prices would increase by 324 percent;
- Motorists would pay twice as much for gasoline; and,
- Emissions would increase as the U.S. moved away from natural gas, which has reduced carbon dioxide emissions by more than 2.8 billion metric tons since 2005.
Read the full report, here.
As E&C Republicans recently highlighted, the threat to ban fracking altogether, or regulate it out of existence, is extremely real as political candidates and elected officials on the left promote these irresponsible policies.
Earlier this year, not one House Democrat voted for a Republican effort to ensure states could regulate their own fracking on private lands. The measure also included a provision that said the president should not declare a moratorium on the use of fracking. Last year, House Democrats blocked a resolution to affirm the power of states to regulate fracking from being considered on the House floor.
Over the weekend, President Trump furthered his commitment to supporting fracking and the oil and natural gas industry by issuing a Presidential Memorandum on Protecting Jobs, Economic Opportunities, and National Security for All Americans.
As COVID-19 continues to impact American communities, we must focus on creating jobs, recovering our economy, and ensuring our environment is protected for future generations. Overregulating fracking will do the opposite – put more Americans out of work, hurt our economy and consumers, and reverse the progress on emissions reductions we’ve made over the last several years, particularly through the use of natural gas. Republicans – and American workers – know what a fracking ban would do.