How Would A Nationwide Fracking Ban Impact The United States?
Last week, the U.S. Chamber of Commerce’s Global Energy Institute released the results of a new study that calculates the benefits of hydraulic fracturing for oil and natural gas across the United States. As the Chamber noted, the report comes as a number of presidential candidates and activist groups have called for a nationwide ban on hydraulic fracturing.
The study, available here, includes a national report and a series of state profiles that consider the economic benefits of hydraulic fracturing, the consequences of a nationwide ban, and the impact on the U.S. economy and seven specific states (Texas, Colorado, New Mexico, Ohio, Pennsylvania, Michigan and Wisconsin).
The Institute found the United States is benefiting greatly from hydraulic fracturing. If the practice is banned in the United States the report estimates:
- More than 19 million jobs would be lost by 2025.
- $3.7 trillion in American household income would be lost from 2021-2025.
- $7.1 trillion to the U.S. economy would be lost and $1.9 trillion less in tax revenue would be collected by the federal, state, and local governments over the same period.