Biden Proposal On Fracking Could Cost Up To 1M Jobs
Ideas frequently touted by Democrat nominee for President and former Vice President Joe Biden to ban or largely move away from fracking will potentially have devastating consequences, according to an interview with the American Petroleum Institute by Fox Business.
Senior vice president of policy, economics, and regulatory affairs Frank Macchiarola told Fox Business that policies proposed by Biden would greatly impact U.S. energy independence and the economy as a whole after it just took a massive dive from the coronavirus shutdowns.
“The United States has experienced essentially a generational shift in energy security, economic security, employment and CO2 emission reductions as a result of the shale revolution,” Macchiarola, said. “A policy that would go backward from that, in our view, is the wrong direction.”
The API is a national trade group that represents nearly 600 oil and gas members and sees the impacts politics has on fracking up-close.
If a fracking ban went into place in 2021 and applied to federal lands and waters, it would cause the “biggest hit to employment in its first two years with job losses reaching nearly 1 million in 2022,” according to API.
“The plan would result in a total of 417,000 fewer jobs by 2030 as other jobs would be created elsewhere in the economy, and a $700 billion hit to U.S. gross domestic product,” reports Fox.
Biden’s stance on the practice has shifted many times and it is unclear which is his official stance. Bad polling in states that favor fracking may push Biden to abandon his harsh rhetoric.
Biden declared on Monday that he’s “not banning fracking,” but a look at past claims seems to contradict this.
The former VP once said he would end the use of fossil fuels.
In a July 2019 town hall, Biden was asked if there was going to be a tolerance for “fossil fuels, including coal and fracking” in his potential administration.
To which he replied, “We would make sure it’s eliminated,” as reported by the Post Gazette.
The Pittsburgh paper also pointed out Biden’s comment in a March debate when Sen. Bernie Sanders (I-VT) said he was focused on “stopping fracking as soon as we possibly can. I’m talking about telling the fossil fuel industry that they are going to stop destroying this planet.”
“So am I,” Biden replied, “No more—no new fracking.”
Whatever Biden’s true stance is may be unknown, but the consequences could prove detrimental to parts of the nation that depend on it for their local economies.