An oil industry-backed analysis finds that a ban on fracking would cost up to 7.5 million jobs and result in a $7.1 trillion loss to the gross domestic product.
The findings come in the wake of legislation introduced by Democratic presidential primary leader Sen. Bernie Sanders, I-Vt., and Rep. Alexandria Ocasio-Cortez, D-N.Y. to prohibit the oil recovery technique that risks environmental damage.
The American Petroleum Institute analysis released Thursday found that a ban on federal leasing and fracking operations could compromise up to 7.5 million jobs in the U.S. in two years, and could result in a cumulative GDP loss of $7.1 trillion by 2030.
The report cites modeling data from the consulting firm OnLocation showing "the economic impacts that could result from such policies – on the broader economy, national and state employment, and individual households," adding, "These include the likelihood of triggering a U.S. economic recession and reversing economic and energy security progress."
Though progressives argue fracking poses environmental and public health issues, including contamination of drinking water, the API counters a reduction in fracked oil and gas for the market could increase costs on consumer, including a 58% rise in natural gas prices, and a 64% rise in the costs of farming crops like wheat due to higher energy costs.
"American families should be shocked to hear proposals from candidates for high office that would ban this transformative technology, which would erase a generation of American progress and return us to the days of heavy reliance on foreign energy," API President and CEO Mike Sommers said in a statement, The Hill reported.
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