Dems Want to Drill the Economy With Fracking Ban
A new study claims catastrophic economic damage from the Sanders-AOC-Warren plan.
Many Democrats want to ban hydraulic fracturing — a.k.a. fracking — for oil and natural gas. Their ostensible goal is saving the planet, but their ban would fail to reduce emissions while triggering a recession. Sounds like a typical Democrat “deal.”
The American Petroleum Institute (API) released a study on the consequences of the Democrats’ desired policy. The API summarizes that a fracking ban “would cost up to 7.5 million American jobs in 2022 alone, lead to a cumulative GDP loss of $7.1 trillion by 2030, slash household incomes by $5,400 annually, increase household energy costs by more than $600 per year and reduce farm incomes by 43 percent due to higher energy costs.”
Why the stunning impact? API notes, “More than 95% of U.S. natural gas and oil wells today are developed using hydraulic fracturing. Technologically, fracking is the chief reason the U.S. is the world’s leading natural gas and oil producer.” Cut off the tap, and everyone suffers.
And yet we have Bernie Sanders and Alexandria Ocasio-Cortez sponsoring the Fracking Ban Act. “Fracking is a danger to our water supply. It’s a danger to the air we breathe, it has resulted in more earthquakes, and it’s highly explosive. To top it all off, it’s contributing to climate change,” Sanders insists. “If we are serious about clean air and drinking water, if we are serious about combating climate change, the only safe and sane way to move forward is to ban fracking nationwide.”
Elizabeth Warren wouldn’t bother with legislation, declaring she would “ban fracking everywhere” on Day One in the White House.
But their claims are false. The U.S. leads the world in decreasing emissions precisely because of fracking. And there is plenty of evidence that fracking does not cause the harm Sanders and his cadre of ecofascists claim.
Democrats are desperate for recession, however, so their efforts to stoke one through impeachment, coronavirus panic, and various taxes and regulations are not surprising.