The Only Thing Worse for the Oil and Gas Industry Than Coronavirus Would Be the Democrats’ Green New Deal

March 10, 2020

The development of fracking has driven the country’s economic growth and prosperity in the oil industry over the past several years. In a recent study by the American Petroleum Institute (API), they found that by 2030 the GDP would suffer a collective loss of $7.1 trillion and average 3.8 million jobs lost every year if a ban on fracking were enacted.

KPRC AM reports on the impacts it would have on Texans:

“Texas Oil & Gas Association just reported recently the economic benefit in tax revenue alone was $16.3 billion,” says The Honorable Jason Isaac, Senior Manager and Distinguished Fellow of Life: Powered at the Texas Public Policy Foundation.

The only thing worse for the oil and gas industry than coronavirus, would be the Democrats’ Green New Deal placing more restrictions on fossil fuels.

“It provides over 80 percent of our daily electricity,” says Isaac. “We don’t just plug things into a socket and they power up and come on. They’re doing that because they’re being powered by fossil fuels.”

While coronavirus is a temporary setback for energy, Isaac says a Democrat in the White House could leave a lasting effect.

According to the Texas Oil & Gas Association:

The oil and natural gas tax and royalty revenue in Texas is used to support education, transportation, healthcare and infrastructure through the State Highway Fund, the Economic Stabilization Fund (commonly known as the Rainy Day Fund), the Permanent School Fund and the Permanent University Fund – all of which are funded with taxes and state royalties paid by the oil and natural gas industry.

Banning fossil fuels would diminish the $16.3 billion in tax revenue that fund these programs across the state and have disastrous consequences for Americans nationwide.