Last week, the U.S. Chamber of Commerce’s Global Energy Institute released a new report highlighting the importance that responsible domestic natural gas and oil production plays in growing America’s economy, improving our environment and strengthening our nation’s security.
This new report reflects data presented by Axios today, which shows strong increases in American natural gas production as well as steep declines in CO2 emissions over the past decade. Likewise, The Manhattan Institute recently issued a report with similar findings, titled “A Fracking Ban Would Trigger Global Recession.”
In releasing the report, Marty Durbin, president of the U.S. Chamber’s Global Energy Institute, said:
“Increased oil and gas production driven by hydraulic fracturing has been fueling America’s sustained period of growth over the past decade, while making us both cleaner and stronger. Our study shows that banning fracking would have a catastrophic effect on our economy, inducing the equivalent of a major recession and raising the cost of living for everyone across the country. This bad idea should be abandoned.”
Key study findings:
The analysis found that a ban on fracking would eliminate 19 million jobs between 2021-2025, while reducing U.S. GDP by $7.1 trillion over the same period. Energy prices would skyrocket, with natural gas prices rising by 324%, causing household energy bills to quadruple and the cost of living to increase by $5,661 for the average American. By 2025, the price of gasoline would double and government revenues would plummet by ~$1.9 trillion.
Key Pennsylvania findings:
This new report was widely covered across the media, including by the Beaver Co. Times (“Study: Fracking ban would hurt Pennsylvania economy”), Washington Times (“Fracking ban would be ‘catastrophic’ to U.S. economy, Chamber report warns”), Bradford Era (“Study shows Pa.’s potential impact from proposed fracking ban”), Natural Gas Intelligence (“Fracking Ban Could Send Natural Gas Prices Soaring, Cause ‘Catastrophic Impact,’ Says Chamber”), among others.
Commenting on the report’s findings, Gene Barr, president & CEO of the Pa. Chamber of Commerce, told the Pittsburgh Business Times:
“A ban on fracking would hit Pennsylvanians hard, placing hundreds of thousands of direct and indirect jobs immediately at risk and causing lost income and higher energy prices for our citizens — not to mention jeopardizing all of the programs and services that the state’s natural gas impact tax funds. This new study should give pause to all of those who advocate for banning the development of natural gas, which would be devastating for our state.”
And as part of our focused and sustained effort to ensure the public and policymakers have important facts about the positive benefits of American natural gas, MSC president Dave Spigelmyer joined The Dom Giordano Program on 1210 WPHT this past Friday as well as Fox & Friends Saturday morning.
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