Ban on Fracking Predicted to Cost 7.5 Million American Jobs by 2022

• Author: Monica Jackson
• Posted: 2024-04-17

No matter how one feels about Trump, all objective statistical data tells the same story, in that more jobs are available in America now than in previous decades. A big part of this comes by way of an easing of regulations, something which Trump’s opposition claims is bad for the environment, and also fairness in the workplace.

In a quest to reinstitute more regulations to give government more control on what sort of industries are allowed to operate in America, and what they’re allowed to do, fracking is yet again in trouble, looking at a ban throughout the nation.

To date, these bans are only hypothetical, proposed by a few 2020 Democratic Presidential candidates, including frontrunners like Vice President Joe Biden and Senator Bernie Sanders. Were such a ban on fracking to go into effect, experts predict that the trade association for the entire oil and gas industry would suffer mightily, to the tune of over 7 million high-paying jobs lost due to the regulations.

Among those predicting disaster include the American Petroleum Institute (API), who said that banning the practice of fracking, along with banning the granting of new oil leases, would reduce America’s GDP by over $7 trillion over the next decade, while 7.5 million jobs would be lost by 2022. The institute also predicts that such changes would cause every middle-class American’s household income to drop by over $5,000, with an even larger monetary effect on those living below the poverty line.

Why Some Candidates Want Fracking Banned

One doesn’t need to make a political stance to tell the truth about Democratic candidates for president, in that they want to increase regulations to increase government’s role in Americans’ lives and in various industries. This is something that around half the population also agree with. However, with an industry like oil and gas, regulations have historically had adverse effects on how many people are employed, and how much money people earn.

Though Democrats do not want to shut fracking down to hurt the economy. Their intentions are good. They believe fracking, the practice of blowing up rocks underground to release natural gas, is an inherently dangerous practice that causes groundwater contamination, destroys ecosystems, and worse.

While the actual evidence to support such side effects from fracking are at best spurious, based on a few questionable documentaries and self-reporting, Democratic Presidential candidates still believe they’re doing the right thing.

Elizabeth Warren is another candidate who vehemently opposes fracking, and wants to replace these old industries with the Green New Deal – a lengthy legislation that proposes massive changes for dozens of America’s most successful industries.

However, people are speaking out against all of these proposed new regulations, and the Green New Deal especially, citing a Competitive Enterprise Institute study that projected the Green New Deal would cost American households around $75,000 in new costs during its first year of operation.

Proponents of this legislation such as Sanders and Warren do not even disagree with the numbers. They seemingly hold the position that a short-term inconvenience for Americans today would work out well, as these legislative measures are for our future.

The efficacy of these policies remain in doubt, as many are coming forward to put a stop to any of these bans and new rising cost initiatives. Even a lot of Democrats stand firmly against regulating industries into extinction, even if they also oppose Donald Trump and his sweeping deregulation of many industries.

Kansas, West Virginia, California and Texas are states that would bear the brunt of fracking regulations, according to the API, who together are home to over one third of the nation’s entire population. Though as more and more progressives criticize fracking from positions as politicians, the mainstream media, and in universities, more American citizens agree that fracking should be banned and we should look toward wind and solar for future energy sources, getting away from coal, nuclear, and especially fracking.

Ramifications Aside, Democrats Persist

One thing worth noting about Democrats calling for the banning of the practice of fracking is that they do not disagree it would cost millions of jobs. They merely suggest that it’s a good thing for our environment, and that these jobs would be made up elsewhere, as long as the Green New Deal is passed as part of a more sweeping set of economic regulations.

The jury’s still out on whether or not fracking is truly as harmful as some claim. Though the verdict is already in on how Democrats feel about it, as this is one issue they do not shy away from or talk around.