A ban on hydraulic fracturing would kill 14.8 million jobs and cost the average American family $4,000 dollars, according to a new report by the U.S. Chamber of Commerce.
Were environmentalists to successfully ban fracking next year, 3.9 million jobs would evaporate in 2017, rising to 14.8 million jobs lost by 2022, according to the report. Gasoline prices would almost double as would electricity prices. U.S. household incomes would fall by $873 billion.
“It’s easy for politicians and activists to call for an end to hydraulic fracturing—but now we know what the consequences could be,” Karen Harbert, president and CEO of the Chamber of Commerce’s energy program, said in a press statement.
“Without fracking, the U.S. would surrender our status as a global energy superpower,” Harbert said.
Manufacturing and energy would be the industries most harmed by a fracking ban according to the report, which was conducted by economists from the Energy Institute. The states most impacted by such a ban would be Colorado, Ohio, Pennsylvania, and Texas, all of which would suffer hundreds of thousands of lost jobs. read more….
Courtesy: HoustonEnergyInsider.com
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