Democratic presidential candidates are beginning a push to ban U.S. fracking, much to the outrage of the oil and gas industry.
Some experts say that while a fracking ban wouldn’t necessarily drive a global recession, it would hurt the national economy and energy security.
Rapidan Energy Group, a consulting and research firm, projected in September that if a ban were imposed on Jan. 1, 2022, U.S. shale production would fall by more than 3 million barrels a day within a year.
A recent study released by the U.S. Chamber of Commerce says a fracking ban instated by 2021 “would be catastrophic for our economy,” eliminating 19 million jobs and reducing the GDP by $7.1 trillion by 2025.
The Haynesville Shale in the western part of Louisiana has 3,8261 total active wells according to the latest data from the Louisiana Department of Natural Resources.
“After decades of innovation, Louisiana is essential to producing clean, affordable and reliable American energy. A ban on hydraulic fracking handcuffs a hard-fought, bipartisan achievement,” LMOGA President Tyler Gray says in a statement today. “The oil and natural gas industry contributes over 260,000 jobs in Louisiana and bringing in over $2 billion in taxes. Any changes to this technology will have a direct impact on the people of Louisiana, a top producer of natural gas and oil.”
Two of the top Democratic contenders, Vermont Sen. Bernie Sanders and Massachusetts Sen. Elizabeth Warren, told The Washington Post they would support a ban on all fracking. The two other leading candidates, former Vice President Joe Biden and former South Bend, Indiana, Mayor Pete Buttigieg, say they would support new limits or regulations on the industry.
A Democratic president would still need congressional action to ban fracking, either as a whole or only on federal lands.
“Here’s a glimpse at that vision: Millions of jobs lost, a spike in household energy costs, a manufacturing downturn, less energy security. In the short run, a fracking ban in America would quickly invite a global recession. You don’t abolish the most dynamic asset of the world’s leading energy supplier without severe consequences,” Mike Sommers, CEO and president of the American Petroleum Institute, said at a national energy luncheon this week, as reported by Axios.
Fracking has long been a concern of environmental groups, who say the industry is far too unregulated and damaging. After a fracked well blew out in northwest Louisiana in September, Sharon Wilson, Texas coordinator of environmental advocacy group Earthworks, criticized the practice in an interview with Desmog.
“For decades we have endured these oil and gas disastrous accidents that have harmed health and pushed us into a climate crisis,” Wilson said, “but we don’t have to put up with this anymore because the technology to transition to clean renewable energy is available today and it’s cheaper. The only thing holding us back is the political will.”
