Frack Ban Would Cost Up To 7.5MM Jobs in 2022



Frack Ban Would Cost Up To 7.5MM Jobs in 2022
Banning federal leasing and fracking on public and private lands would cost up to 7.5 million American jobs in 2022 alone, according to a new economic analysis.

Banning federal leasing and fracking on public and private lands would cost up to 7.5 million American jobs in 2022 alone, lead to a cumulative GDP loss of $7.1 trillion by 2030 and cut household incomes by $5,400 annually.

That’s according to a new economic analysis released by the American Petroleum Institute (API), which was conducted by economic modeling firm OnLocation, Inc. The study projected that states with the highest job losses if a fracking ban is enacted include Texas, California, Florida, Pennsylvania and Ohio.

In a statement posted on the API’s website recently, the API highlighted that some presidential candidates have proposed to ban federal leasing and fracking on public and private lands.

“If I told you about a technology that would help the environment, that would help American consumers, would reduce our trade deficit and increase American jobs, I think most politicians would jump on that, not try to ban it,” API President and CEO Mike Sommers said in an organization statement.

“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,” he added.

Lessly Goudarzi, founder and CEO of OnLocation, Inc, said, “You can’t eliminate the very technology that has enabled the American energy revolution without damaging economic consequences”.

More than 95 percent of U.S. natural gas and oil wells today are developed using hydraulic fracturing, according to the API. The API represents all segments of America’s oil and natural gas industry and has more than 600 members, its website shows.

Last month, the API stated before a Democratic presidential debate that a fracking ban would cost millions of jobs, although a specific number was not given.

OnLocation describes itself as an independent analysis firm. Its study was developed based on the U.S. Energy Information Administration’s National Energy Modeling System.

To contact the author, email andreas.exarheas@rigzone.com



WHAT DO YOU THINK?


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Terry  |  March 09, 2020
You would be surprised by what a government will do. In canada we have been dealing with country that is against oil and gas puts up political red tape to stop any kind of investments into the oil and gas sector. The Canadian government only listens to the political correctness of a few cost billions in lost revenue and taxes loss of 100's of thousands of jobs. All with Canada having worlds 3rd largest oil reserves
Rudolf Huber  |  March 04, 2020
As soon as politicians start to understand that they won't be re-elected if they are making their states (countries) into politically correct baskets of jobless, they will change tack. Fracking and shale is the single best thing that has happened to the US in decades. A new industrial revolution is underway as everything flocks to the place with the lowest and cleanest energy. And that's way more than just 7,5 MM jobs.
Bill Flaherty  |  March 03, 2020
But Don't worry...Bernie is going to pay for everyone to go back to school for 5 years... no matter how old you are...and it's going to be FREE!