Joe Biden Completely Out-Of-Touch With Oil, Gas Workers in His Home State and Beyond
Some Democrats want to ban fracking, but business group study says that would ‘devastate’ economy . State Impact Pennsylvania .
The U.S. Chamber of Commerce pushed back Thursday against calls from some Democratic presidential candidates to ban fracking, saying that policy would “devastate” the economies of states like Pennsylvania. The report is the latest entry in a debate about the costs and benefits of natural gas, and the business group’s Global Energy Institute predicted the nation would lose 19 million jobs, both within and outside the oil and gas industry, between 2021 to 2025.
During the same period, the study found, prohibiting the controversial natural gas drilling technique would reduce U.S. gross domestic product by $7.1 trillion and cause natural gas prices to more than quadruple. Note : Midland Reporter Telegram also reports.
Fracking Ban could cost Ohio $245B, US Chamber reports . Business Journal Daily .
Should hydraulic fracturing be banned, Ohio could see the loss of 700,000 jobs and a $245 billion reduction in gross domestic product, according to a report from the U.S. Chamber of Commerce’s Global Energy Institute. The report, released Thursday, examines the impact of a hypothetical nationwide ban in 2021 on fracking, finding it “catastrophic.” Nationally, four years after such a ban would be enacted, it would eliminate 19 million jobs, reduce national GDP $7.1 trillion and reduce tax revenue at all levels of government by a combined $1.9 trillion. Virtually all of the front runners for the Democratic presidential nomination, including U.S. Sens. Bernie Sanders and Elizabeth Warren, U.S. Rep. Cory Booker, Vice President Joe Biden and Mayor Pete Buttigieig, have called for a ban on fracking. Note : WPXI Pittsburgh also reports.
The Stupid Promises to ban fracing
The Stupid Promises to ban fracing
Last edited by dan_s on Mon Dec 23, 2019 5:05 pm, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: The Stupid Promises to ban fracing
Oil’s 2019 milestones tell the decade’s story of energy abundance . Bloomberg .
Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty. What distinguished the developments of 2019 was not just how big they were but often how little impact they had. From the world’s biggest-ever initial public offering to its worst-ever supply disruption, a barrage of sanctions on exporters to two OPEC interventions, never had so many momentous events left investors so unmoved. At the heart of that indifference was the force that has transformed world energy balances over the past 10 years: the American revolution in shale oil and gas, which is cushioning global markets against shocks that would once have sent prices rocketing. This too achieved a landmark in 2019, turning the U.S. into a net exporter of crude and refined oil.
Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty. What distinguished the developments of 2019 was not just how big they were but often how little impact they had. From the world’s biggest-ever initial public offering to its worst-ever supply disruption, a barrage of sanctions on exporters to two OPEC interventions, never had so many momentous events left investors so unmoved. At the heart of that indifference was the force that has transformed world energy balances over the past 10 years: the American revolution in shale oil and gas, which is cushioning global markets against shocks that would once have sent prices rocketing. This too achieved a landmark in 2019, turning the U.S. into a net exporter of crude and refined oil.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group