Industry group warns fracking ban could cost 7.5M jobs in US
By Kaelan Deese – 02/27/20 03:35 PM EST
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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