Full Title: Hydraulic Fracturing was Banned?
Author(s): Global Energy Institute
Publisher(s): U.S. Chamber of Commerce
Publication Date: December 18, 2019
Full Text: Download Resource
Description (excerpt):
A ban on fracking in the United States would be catastrophic for our economy. Our analysis shows that if such a ban were imposed in 2021, by 2025 it would eliminate 19 million jobs and reduce U.S. Gross Domestic Product (GDP) by $7.1 trillion. Tax revenue at the local, state, and federal levels would decline by nearly a combined $1.9 trillion. Natural gas prices would leap by 324 percent, causing household energy bills to more than quadruple. By 2025, motorists would pay twice as much at the pump for gasoline as oil prices spike to $130 per barrel, while less domestic energy production would also mean less energy security.