No matter what Joe Biden says right now, we know that a Biden administration that’s heavily influenced by Green New Deal author Rep. Alexandria Ocasio-Cortez is going to, at least try, to ban fracking.
So, what would that mean for the U.S. economy? Good question! Here’s Department of Energy spox Shaylyn Hynes with the facts:
What would happen if there was a #fracking ban? The @USChamber did a deep dive, and here is what they found. THREAD⬇️
— Shaylyn Hynes (@ShayHynes) October 29, 2020
First up, job losses. Lots and lots of job losses:
❌19 million jobs would be lost by 2025.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
And higher gasoline prices:
❌Gasoline prices would DOUBLE by 2025 due to skyrocketing oil prices.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
Natural gas prices will skyrocket, too:
❌ The price of natural gas-currently the largest source of power generation in this country-would increase by 324 percent.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
And this means we’ll be paying more to power our homes:
❌Household electricity prices would QUADRUPLE.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
It’s estimated at $5,661 extra in costs per person:
❌Consumers would pay on average $5,661 more per capita due to higher energy prices and the resulting increase in costs for other goods and services.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
This also means almost $2 trillion in lost state and local tax revenue through 2025:
❌ Nearly $1.9 trillion would be lost in local, state and federal tax revenue through 2025.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
Did we mention the lost jobs?
❌Manufacturing sectors in states like Ohio, Pennsylvania, Colorado, Texas and New Mexico, Michigan and Wisconsin would be devastated due to higher prices for petroleum products, natural gas and electricity.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
And it would put us at the mercy of OPEC nations, including Russia:
❌ Reduced energy security and a return to reliance on imports from international suppliers for oil and gas including Russia & members of #OPEC.
— Shaylyn Hynes (@ShayHynes) October 29, 2020
And that’s why elections matter.
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