The fourth installment in the Energy Institute's Energy Accountability Series details the devastating economic impacts America could face if the "Keep it in the Ground" movement succeeds in banning hydraulic fracturing for oil and natural gas.
The Energy Accountability Series takes a substantive look at what could happen if energy proposals from candidates and interest groups were actually adopted. The latest report asks the question, "What if hydraulic fracturing were banned?"
The answer? By 2022, 14.8 million jobs could be lost, gasoline prices and electricity prices could almost double, and each American family could see their cost of living increase by almost $4,000.
"It's easy for politicians and activists to call for an end to hydraulic fracturing, but now we know what the consequences could be," said Karen Harbert, president and CEO of the U.S. Chamber's Institute for 21st Century Energy. "Without fracking, the U.S. would surrender our status as a global energy superpower. Every American family could face higher prices for the energy they consume and the products and services they buy, and almost 15 million Americans could be out of work. These extreme and irresponsible proposals should not be considered. Ignorance can no longer be an excuse."
Additionally, the Energy Institute's report looks specifically at the economic impacts of a fracking ban in Colorado, Ohio, Pennsylvania and Texas. In all these states, the impact could be severe: 1.6 million Texans could lose their jobs, while Pennsylvania could lose $50 billion a year in state gross domestic product. Colorado could lose 215,000 jobs, and the average Ohio household could see costs rise by $4,000 a year.
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