A Fracking Ban Would Have Drastic Negative Impacts on American Employment and The Economy

A Fracking Ban Would Have Drastic Negative Impacts on American Employment and The Economy

February 21, 2020

Nicolas Loris, The Heritage Foundation’s Morgan Fellow in Energy and Environmental Policy stated in an op-ed in The Intelligencer:

Hydraulic fracturing, better known as fracking, is safe. Studies from the U.S. Environmental Protection Agency, the U.S. Geological Survey and many academic institutions have all concluded that fracking poses no threat to groundwater supplies. The move in energy markets from coal to natural gas has improved air quality and reduced carbon dioxide emissions.

And yet some states and counties have advocated for fracking bans, and more recently, several presidential candidates have called for the same. While a president doesn’t have the sole authority to simply wave a wand and ban fracking, a “keep it in the ground” administration could bury industries in enough red tape to achieve a similar purpose.

In effect, the shale gas boom is acting like a tax cut, putting more money back in families’ wallets. The Council of Economic Advisers recently found that the shale boom saves U.S. consumers nearly $203 billion annually — about $2,500 for a family of four.

Alternatively, prohibiting domestic development would serve as a massive tax hike.

Power the Future recently wrote a blog post on the impacts a proposed fracking ban would have on Americans:

American energy workers who provide diplomatic security and economic prosperity deserve better than ignorant politicians pushing policies that would erase 19 million jobs across the country.

We can’t understand why eco-left politicians would promote policies that would destroy tens of millions of domestic energy jobs and push the economic burden onto average American households nationwide.