Elections
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.
Senator Elizabeth Warren of Massachusetts, a longtime supporter of the Affordable Care Act, commonly known as Obamacare, is now acknowledging the unintended consequences of the healthcare legislation, particularly its impact on industry consolidation and rising healthcare prices.
Warren, who has been a vocal proponent of Obamacare, has recently had what the Wall Street Journal reported as an “epiphany” regarding the consequences of the healthcare law. In a letter addressed to the Health and Human Services Department inspector general, Warren, along with Senator Mike Braun of Indiana, expressed concerns about vertically-integrated healthcare companies potentially increasing prescription drug costs and evading federal regulations.
According to reports from Fox News, the bipartisan letter highlighted issues with the nation’s largest health insurers allegedly bypassing Obamacare’s medical loss ratio (MLR). According to Warren, these insurers, through vertical integration, have manipulated the system, leading to “sky-high prescription drug costs and excessive corporate profits.”
The senators detailed how conglomerates, like UnitedHealth Group, with ownership across various healthcare sectors, could inflate medical payments to pharmacies and, by realizing those payments on the pharmacy side, appear to comply with MLR requirements while retaining more profits.
Moreover, despite the Democrats’ argument that the MLR would benefit patients, it has incentivized insurers to merge with or acquire pharmacy benefit managers (PBMs), retail and specialty pharmacies, and healthcare providers. This, in turn, has made healthcare spending less transparent, as insurers can allegedly shift profits to their affiliates by increasing reimbursements.
Warren, who has consistently voted against Obamacare repeal efforts, notably advocated for a “Medicare for All” proposal during her 2020 presidential campaign. Despite her prior support for the healthcare law, Warren’s recent concerns about its unintended consequences have raised questions about the long-term effects of Obamacare and its impact on the healthcare industry.
-
Nation6 days agoGroup backed by the Islamic Republic of Iran hacked into PA Water Facility
-
education6 days agoCalls for Hofstra University President’s Resignation Over Statements on Israel-Hamas Conflict
-
Media5 days agoRobert De Niro anti-Trump speech mysteriously replaced in teleprompter at Awards Show
-
Nation6 days agoElizabeth Warren Acknowledges Unintended Consequences of Obamacare
