Industry group warns fracking ban could cost 7.5M jobs in US

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Industry group warns fracking ban could cost 7.5M jobs in US

The report cites modeling data from the consulting firm OnLocation showing “the economic impacts that could result from such policies – on the broader economy, national and state employment, and individual households,” adding, “These include the likelihood of triggering a U.S. economic recession and reversing economic and energy security progress.”

It warns that a fracking ban could cause natural gas prices to increase by 58 percent due to a heavier reliance on foreign energy products, as well as the costs of farming crops such as wheat rising 64 percent due to higher energy costs.

Sommers touted fracking technology as a tool for reducing the U.S. trade deficit and increasing American jobs, as well as calling it a way to “help the environment,” despite environmental groups’ opposition to the practice.

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