{"id":141639,"date":"2020-02-08T10:20:31","date_gmt":"2020-02-08T10:20:31","guid":{"rendered":"https:\/\/www.bnreport.com\/sanders-proposed-fracking-ban-could-scupper-us-economic-miracle\/"},"modified":"2020-02-08T10:20:31","modified_gmt":"2020-02-08T10:20:31","slug":"sanders-proposed-fracking-ban-could-scupper-us-economic-miracle","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sanders-proposed-fracking-ban-could-scupper-us-economic-miracle\/","title":{"rendered":"Sanders Proposed Fracking Ban Could Scupper US Economic Miracle"},"content":{"rendered":"

Democratic Senator and presidential hopeful Bernie Sanders (D-Vt.) introduced his \u201cFracking Ban Act<\/a>\u201d to the U.S. Congress on January 28th, which if approved would ban hydraulic fracturing across the United States by 2025. The bill was authored by Sanders and one of his most high-profile supporters in the Democratic primaries, Rep. Alexandria Ocasio-Cortez (D-N.Y.). The bill would ban fracking near homes and schools by 2021 and then, \u201cstarting in 2025, it would ban fracking nationwide.\u201d<\/p>\n

The hydraulic fracturing (or fracking) process, however, has played a huge role in the United States transition to energy independence. The shale revolution meant that horizontal drilling techniques coupled with high-pressure rock-fracturing methods made previously inaccessible tight oil and gas extractable. In his State of the Union Address<\/a> on February 5, President Donald Trump said that \u201cWe have unleashed a revolution in American energy. The United States is now the number-one producer of oil and natural gas anywhere in the world.\u201d<\/p>\n

Speaking on the shale revolution in November, Federal Reserve Chairman<\/a> Jerome Powell said that \u201cThe energy independence of the United States \u2026 people have been talking about it for 50 years, and I never thought it would happen, and here it is. Its in the nature of a miracle, it seems to me. So its a great thing, I would say. Thats not to say there arent issues to manage \u2026 but I think its been a great thing for the country. I think to shut down the shale industry, yeah, that would probably not be a good thing for the economy.\u201d<\/p>\n

    [youtube https:\/\/www.youtube.com\/watch?v=y4RoQQcEdjo?wmode=transparent&wmode=opaque&w=671&h=377]\n<\/code><\/pre>\n
Effects of a Fracking Ban on the Economy<\/h2>\n
According to independent energy research consultancy Rystad Energy<\/a>, the United States holds over 264 billion barrels of recoverable oil\u2014more than either Russia or Saudi Arabia. Furthermore, up to 50 percent of American oil reserves are unconventional, meaning that they could only be extracted by fracking. Research (pdf<\/a>) from the Energy Policy Institute at the University of Chicago shows that recovering such oil and natural gas reserves through fracking boosts local economies via increased income (by around 7 percent), employment (by 10 percent) and housing prices (6 percent). Furthermore, the increases are found to outweigh the costs associated with fracking activity, such as increased truck costs, noise, and air pollution, and \u201cmarginally increased\u201d rates of crime. According to study co-author Prof. Chris Knittel, \u201cThis study makes it clear that on net there are benefits to local economies\u2014which we believe is useful information for leaders in the United States and abroad who are deciding whether to allow fracking in their communities.\u201d<\/p>\n
American Petroleum Institute<\/a> (API) Director of Communications Ben Marter said that \u201cU.S. leaders should empower U.S. energy leadership, but restrictive energy policies like a ban on fracking would threaten Americas energy security, surrender control of Americas energy future, and retreat from Americas energy leadership.\u201d The API stresses that for more than half a century, U.S. presidents\u2014both Democrats and Republicans\u2014have called for an end to Americas reliance on foreign energy. Furthermore, for the United States to lead the world in natural gas and oil production delivers tremendous benefits to consumers while reducing emissions and unlocking a new era of U.S. energy leadership.<\/p>\n
    [youtube https:\/\/www.youtube.com\/watch?v=0rsoL1dUl-o?wmode=transparent&wmode=opaque&w=671&h=377]\n<\/code><\/pre>\n
Steve Gorem<\/a>, a policy adviser at The Heartland Institute, said that the shale revolution and ramping U.S. oil production brings a new level of stability to the U.S. and world economic systems. He outlined how oil price increases during the 1973 crisis spurred the 1973-1975 recession. He contrasted this with the situation today, where \u201cOn September 14 of last year, 25 drones and missiles exploded at two oil processing facilities of Saudi Arabia. More than 5.7 million barrels of Saudi production capacity was taken offline, more than half of Saudi output. But oil prices hardly budged. On January 8 of this year, Iran fired more than a dozen missiles at two Iraq facilities housing U.S. military personnel. Yet, world oil prices today remain at low levels, just above $50 per barrel. The missile attacks on Saudi Arabia and Iraq in previous decades would likely have triggered large oil price spikes.\u201d<\/p>\n
Green New Deal<\/h2>\n
The Bill is in line with the Green New Deal<\/a> proposal Sanders says he will implement if elected president. The Green New Deal plans to \u201cTransform our energy system away from fossil fuels to 100 percent energy efficiency and sustainable energy by 2030 at the latest\u201d and to \u201cend greed in our energy system\u201d through public ownership of renewable energy. The Deal would also fully electrify and decarbonize the transportation system, including the shipping and aviation industries. The fossil fuel industry would be prosecuted and sued \u201cfor the damage it has caused,\u201d offshore drilling would be banned and fossil fuel resources on public lands would be kept in the ground. All new federal fossil fuel permits would be terminated. Both imports and exports of fossil fuel would be banned, while the Deal states that \u201cFracking and mountaintop removal coal mining are two particularly harmful methods used to extract fossil fuels. They make surrounding communities less healthy and less safe. They must be immediately banned.\u201d<\/p>\n
Initial Bans From 2021<\/h2>\n
The Act states that \u201cThe Ban Fracking Act would institute an immediate federal ban on all new federal permits for fracking-related infrastructure and a ban on fracking within 2,500 feet of homes and schools by 2021. Then, starting in 2025, it would ban fracking nationwide.\u201d However, the legislation also insists on a just transition for employees in the fracking industry. The bill directs the Department of Labor to partner with other federal agencies and stakeholders to develop a plan to prioritize \u201cthe placement of fossil fuel workers into good-paying jobs in the communities in which they live as the United States moves quickly to an energy system based on sustainable energy and energy efficiency.\u201d<\/p>\n
The bill focuses on what it says are the dangers of fracking to public health, workers and communities, and especially to averting climate change. \u201cWe must realize that workers in the fracking fields are not the enemy, coal miners are not the enemy, and oil rig workers are not the enemy. Climate change is the enemy,\u201d said Sanders. \u201cFracking is a danger to our water supply. Its a danger to the air we breathe, it has resulted in more earthquakes, and its highly explosive. To top it all off, its contributing to climate change. If we are serious about clean air and drinking water, if we are serious about combating climate change, the only safe and sane way to move forward is to ban fracking nationwide.\u201d<\/p>\n
Sanders bid to Read More \u2013 Source<\/a>
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The Epoch Times<\/a><\/h5>\n
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Democratic Senator and presidential hopeful Bernie Sanders (D-Vt.) introduced his \u201cFracking Ban Act\u201d..<\/p>\n","protected":false},"author":1,"featured_media":141640,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-141639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nSanders Proposed Fracking Ban Could Scupper US Economic Miracle - Business News Report<\/title>\n<meta name=\"description\" content=\"Democratic Senator and presidential hopeful Bernie Sanders (D-Vt.) introduced his \u201cFracking Ban Act\u201d..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/sanders-proposed-fracking-ban-could-scupper-us-economic-miracle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sanders Proposed Fracking Ban Could Scupper US Economic Miracle - 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