The Global Energy Institute (GENI), an affiliate of the U.S. Chamber of Commerce, has spoken out against politicians’ pledges to put a stop to hydraulic fracturing. Several of the candidates who are now competing for the Democratic Party’s presidential nomination have said they will put a stop to the practice if they win next years’ presidential elections.
In a statement dated December 19, GENI it had completed a study showing that the introduction of such a ban would probably have a widespread and negative effect on the U.S. economy – including the loss of as many as 19mn jobs between 2021 and 2024. Without fracking, the U.S. might also have to confront a shrinking GDP and higher fuel prices, it said.
Marty Durbin, the president of GENI, commented: “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.”