Fracking Ban Would Cost Millions of Jobs

A fracking ban would cost millions of jobs.

That is according to the American Petroleum Institute’s (API) Director of Communications, Ben Marter, who made the statement ahead of the Democratic presidential debate in a post published on the API’s website.

“Fracking has been one of the most important technological advancements in American history and banning it would erase a generation of American progress,” Mr Marter said.

“A fracking ban would leave working families behind, cost millions of jobs and deliver a major win to countries like Russia. Presidential candidates who stand with American workers must stand against a ban on fracking,” the API representative added.

Last month Rystad Energy revealed that if fracking activity was to be eliminated on federal acreage, the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace lost oil volumes. According to Rystad Energy, such a fracking ban would likely have little immediate impact on nationwide oil and gas production figures.

In November last year, the UK government outlined that fracking would not be allowed to proceed in England “following the publication of new scientific analysis”.

Ministers took the decision on the basis of a report by the Oil and Gas Authority, the UK government said in a statement posted on its website. The report found that it is not currently possible to predict accurately the probability or magnitude of earthquakes linked to fracking operations, the UK government stated.

The moratorium on fracking will stand until “compelling new evidence is provided”, the UK government revealed.

The API, which was formed in 1919, represents all segments of America’s oil and natural gas industry and has more than 600 members, according to the organisation’s website. The industry supports 10.9 million US jobs, the API’s website shows.

Source: Rigzone