Ever Wondered What Would Happen If The U.S. Banned Hydraulic Fracturing? Read On …
Despite the fact that the U.S. Environmental Protection Agency (EPA) and Yale University have both found that it does not contaminate groundwater, a handful of municipal and state governments recently have banned hydraulic fracturing, a process used to stimulate new oil and natural gas production.
This election cycle, some candidates for federal office have promised to consider a nationwide ban. What would a federal ban mean for U.S. businesses and consumers? According to the U.S. Chamber of Commerce’s Institute for 21st Century Energy, we could expect:
- 14.8 million fewer jobs by 2022;
- Gasoline prices to double;
- Electricity prices to double; and
- The average American family’s cost of living to increase by nearly $,4,000.
The U.S. Chamber also looked at how a federal ban could affect certain states. For example:
- Colorado would lose 215,000 jobs and $26 billion in annual GDP while the average Colorado family’s cost of living would increase by $3,486.
- Ohio would lose 397,000 jobs and $33 billion in annual GDP while the average Ohio family’s cost of living would increase by $3,966.
- Pennsylvania would lose 466,000 jobs and $45 billion in annual GDP while the average Pennsylvania family’s cost of living would increase by $3,537.
- Texas would lose 1.5 million jobs and $196 billion in annual GDP while the Texas average family’s cost of living would increase by $4,632.
With its partners at the Energy Equipment Infrastructure Alliance (EEIA), the Metals Service Center Institute is working hard to oppose local and state hydraulic fracturing bans. Check out EEIA’s website to learn more about how these bans harm the entire energy supply chain, including the metals industry.