Fracking Ban Would Cost Millions of Jobs



Fracking Ban Would Cost Millions of Jobs
A fracking ban would cost millions of jobs, according to the American Petroleum Institute.

A fracking ban would cost millions of jobs.

That’s according to the American Petroleum Institute’s (API) Director of Communications, Ben Marter, who made the statement ahead of last night’s Democratic presidential debate in a post published on the API’s website.

“Fracking has been one of the most important technological advancements in American history and banning it would erase a generation of American progress,” Marter said.

“A fracking ban would leave working families behind, cost millions of jobs and deliver a major win to countries like Russia. Presidential candidates who stand with American workers must stand against a ban on fracking,” the API representative added.

Last month Rystad Energy revealed that if fracking activity was to be eliminated on federal acreage, the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace lost oil volumes. According to Rystad Energy, such a fracking ban would likely have little immediate impact on nationwide oil and gas production figures.

In November last year, the UK government outlined that fracking would not be allowed to proceed in England “following the publication of new scientific analysis”.

Ministers took the decision on the basis of a report by the Oil and Gas Authority, the UK government said in a statement posted on its website. The report found that it is not currently possible to accurately predict the probability or magnitude of earthquakes linked to fracking operations, the UK government stated.

The moratorium on fracking will stand until “compelling new evidence is provided”, the UK government revealed.

The API, which was formed in 1919, represents all segments of America’s oil and natural gas industry and has more than 600 members, according to the organization’s website. The industry supports 10.9 million U.S. jobs, the API’s website shows.

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



WHAT DO YOU THINK?


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Parminder Dhillon  |  February 24, 2020
It’s not hard to understand that fracking does cause more potential in earthquakes. Affecting populations and infrastructure. BAN FRACKING
Rudolf Huber  |  February 23, 2020
Millions of jobs does not even start to describe it. It's commercially attractive again to relocate to the US for its consistently cheap and reliable energy. Automation also softens the blow of higher wages. Then again, collateral costs of operating in a country like China often even that out again. Therefore, killing fracking would throw an enormous wrench into the economic revival of the US. But then again, socialists thrive on misery.
Bam Heartland  |  February 21, 2020
I can tell you that since they have dialed back the fracking in our area the earthquakes have gone down. I don't think that it is good for future generations as far as our water supply goes either.
David Oakley  |  February 20, 2020
Exactly what data is missing that would convince the UK authorities to allow fracking?
Lawrence  |  February 20, 2020
When heating oil prices go through the roof one cold winter in the Northeast and gasoline prices are over $6.00 a gallon, those people who are so opposed to "fracking" will be wishing for some warmth.
Clinton Rhodd  |  February 20, 2020
Fracking is good, Fracking dose not cause surface damage the surface water. Monsanto causes more damage to water pollution then the Oilfield ever did, Clint
Terry Boyd  |  February 20, 2020
Good more Andreas, I am interested in more info on this and how can I help in my group of oil & gas friends to put a stop to imposing the Frac ban , this ban would destroy the United States economically. Thank you for the article
Floyd D. Burgoz  |  February 20, 2020
Keeps the Citizens in check and the Left in charge?????. Poverty is what the socialista Democratic party is messaging and the followers are people we see everyday. Education is not as effective today.