A U.S. Chamber of Commerce report analyzes what the impact would be if hydraulic fracturing was banned. Some key findings include:
- THE UNITED STATES WOULD LOSE 14.8 MILLION JOBS.
If hydraulic fracturing was banned starting next year, 3.9 million jobs would evaporate in 2017 alone, rising from there to claim 14.8 million jobs by 2022.
- GASOLINE PRICES WOULD ALMOST DOUBLE.
We find that consumers would have to pay 53 percent more for petroleum products such as gasoline and diesel in 2017, with prices continuing to rise through 2022, when they would be roughly double what they are today.
- NATURAL GAS PRICES WOULD SKYROCKET TO OVER $12 PER MMBTU.
Natural gas prices would surge owing to vast swaths of shale suddenly being rendered o limits. This drives prices up for U.S. consumers, industry, and power generators – our analysis nds that natural gas prices would be 400 percent higher than what they would be otherwise by 2022.
- U.S. ELECTRICITY PRICES WOULD NEARLY DOUBLE.
Modeling shows that U.S. households would pay almost 100 percent more for their electricity in 2022, driven in large part by rising natural gas prices.
- COST-OF-LIVING WOULD GO UP BY NEARLY $4,000 A YEAR, WHILE HOUSEHOLD INCOMES WOULD DROP BY $873 BILLION
Consumers would be forced to pay higher prices both for the energy they consume and the products and services they buy.