A Fracking Ban In New Mexico Is A “Prescription of Poverty for the State”

A Fracking Ban In New Mexico Is A “Prescription of Poverty for the State”

December 10, 2019

A fracking ban would be devasting to the New Mexican economy and U.S. energy industry. Yet, several Democratic presidential candidates have vowed to ban hydraulic fracturing if elected.

According to a new study from the U.S. Chamber of Commerce’s Global Energy Institute (GEI):

If a hydraulic fracturing ban were enacted, 27,000 jobs would be lost, $7 billion in economic activity would be eliminated, household income would drop by $2 billion, and $681 million in state and local tax revenues would be lost in New Mexico – in the first year alone. The five-year costs are even more staggering: 142,000 jobs lost, $86 billion lost GDP, household income lowered by $26 billion (an average of $10,723 per household in 2025), and $16.3 billion lost government revenue.

The oil boom in the Permian Basin has brought thousands of jobs and increased incomes to New Mexico. State economists say income from oil and gas in the last fiscal year surpassed forecasts by $85 million.

GEI President Marty Durbin told InsideSources, “But, those are just numbers. You get into the real world impact [when] you see what New Mexico has been able to do in this time. They’ve got a [huge] surplus; they’ve been able to give every teacher in the state a raise; they’re talking about free tuition for in-state residents; not to mention [fixing] the infrastructure.”

The eco-left is hell-bent on pushing their green agenda, that they once again are ignoring the facts and economic impacts the ban would have on average Americans. This wouldn’t just hurt the energy sector in New Mexico – it would bring devastating consequences to the state as a whole.