The U.S. Chamber of Commerce’s Institute for 21st Century Energy today released the latest report in its Energy Accountability Series, which looks at the consequences of what might have happened in the past—or could happen in the future—if certain energy-related comments and policy prescriptions put forth by prominent politicians and their supporters were actually adopted...
The U.S. Chamber of Commerce’s Institute for 21st Century Energy today released the latest report in its Energy Accountability Series, which looks at the consequences of what might have happened in the past—or could happen in the future—if certain energy-related comments and policy prescriptions put forth by prominent politicians and their supporters were actually adopted.
The report, “What If Hydraulic Fracturing Was Banned,” details the devastating economic impact that America could face if hydraulic fracturing for oil and natural gas stopped.
The answer to the title’s question, according to the report, is that, 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. The impact would be most severe in Ohio, Pennsylvania, Colorado and Texas, four states with a large energy economy and significant manufacturing sectors.
Tom Humphries, president & CEO of the Regional Chamber, said, “I’m glad to see that the U.S. Chamber is taking a hard position on this matter and reviewing, documenting and making the public aware of the dire outcome and significant impact should fracking ever be banned.”
Humphries cited just one example of monumental development and great impact in the Valley because of fracking: “The near $1 billion Lordstown Energy Center is under construction today, with 750 trades workers on site, because of shale development.”
He further applauded the effort of the U.S. Chamber because of what has been happening in the City of Youngstown over the past few years. For the sixth time, city residents will have to vote on a “Community Bill of Rights” Charter Amendment to ban fracking—which they’ve already defeated five times prior—in the General Election next week.
The Chamber, with numerous business and community leaders and local and state elected officials, formed the Mahoning Valley Coalition for Job Growth and Investment in 2013 with a primary focus of defeating the charter amendment because of its threat to jobs and investment in the Valley.
Despite what backers of the amendment claim, the Coalition says passage of the amendment would actually not have any impact on fracking or the oil and natural gas industry, which are governed by state law, not local government. Instead, the anti-development measure would drive away good-paying jobs; threaten the city, local businesses, churches, contractors, and labor unions with costly lawsuits; and put tax dollars that go to our schools and communities at risk.
Refer to the link
here for the U.S. Chamber’s full report, “What If Hydraulic Fracturing Was Banned?”