Joe Biden has pledged to eliminate fracking in the United States. Biden and many other Democrats do not seem to see the economic advantages of fossil fuels. However, a report from the U.S. Chamber of Commerce’s Global Energy Institute shows the tremendous benefits that fracking can bestow on America and the harm that a fracking ban would bring. In fact, their study has found that a national ban on fracking (hydraulic fracturing) would be disastrous for states like Pennsylvania and Ohio.
“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,” said Marty Durbin, president of the U.S. Chamber’s Global Energy Institute.
The GEI study shows an especially harmful impact on Pennsylvania in terms of job losses and economic harm:
Our analysis finds that a ban on hydraulic fracturing would have the effect of displacing hundreds of thousands of jobs – creating impacts that would occur almost immediately…which culminate in 2025 with the loss of nearly 609,000 jobs that would otherwise exist absent a ban on fracturing.
…and Pennsylvania would see a sharp increase in the cost-of-living expenses often overlooked by the political class:
Pennsylvania consumers will be hit hard by a ban on hydraulic fracturing, paying an additional $417 per capita for goods and services in 2021 compared to today and increasing to $1,412 per capita in 2025. Cumulatively, Pennsylvania consumers will pay an astounding $4,654 more than today through 2025.
When asked about the role of coal and fracking in a Biden administration energy policy, Biden said: “We would make sure it’s eliminated.” This is worrisome news for working families in Pennsylvania and for all American energy consumers. Will Joe Biden change his mind on a fracking ban or will he continue to ignore the people in Pennsylvania and Ohio in favor of his left-wing coastal base?