Texas' economy could suffer a severe blow if a ban on hydraulic fracturing were enacted, as some of the leading Democratic candidates for president have proposed, according to a study published by the U.S. Chamber of Commerce’s Global Energy Institute.
Texas greatly benefited from the shale revolution of the last decade. If fracking were banned, the Lone Star State would suffer massive job losses and put a dent in the economy.
“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,” Marty Durbin, president of the U.S. Chamber’s Global Energy Institute, told the website WorldOil.com. “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.”
The chamber study estimates that a fracking ban would lead to 3.2 million job losses in Texas between 2021-2025, and Texas’ Gross Domestic Product by $1.5 trillion over the same period.
Jeff Moseley, President of the Texas Association of Business, emphasized the huge importance of fracking in Texas, stating it was oilman George Mitchell who was responsible for the concept.
“Texans are rightfully proud of the ‘father of fracking’ George Mitchell, and of the benefits that hydraulic fracturing has brought the globe,” Moseley said. “As the nation’s leading oil and gas producer, a ban of fracking would hit Texas especially hard—costing us billions of dollars and millions of jobs and jeopardizing promising export projects now underway. This new study should serve as a wake-up call to politicians that are calling for fracking bans to abandon this misguided idea.”
The U.S. Chamber’s study is the first in the 2020 edition of GEI’s “Energy Accountability Series,” which takes a substantive look at what could happen if energy proposals from candidates and interest groups were actually adopted, according to WorldOil.