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Democratic candidates' drilling ban would cost U.S. economy $7 trillion: oil group
Reuters ^ | February 27, 2020 | by Richard Valdmanis

Posted on 02/27/2020 9:43:28 AM PST by Oldeconomybuyer

WASHINGTON - Banning hydraulic fracturing and halting new drilling on federal land would cost the U.S. economy $7 trillion in the next decade and kill millions of jobs, the U.S. oil industry’s main lobby group said on Thursday in a report targeting the climate plans of top Democratic presidential candidates.

The report from the American Petroleum Institute underscores mounting concern in the U.S. drilling industry over the possibility a candidate in favor of rapidly ending the fossil fuel economy to fight global warming will win the Democratic Party’s nomination to face Republican President Donald Trump in the November election.

U.S. Senator Bernie Sanders, a democratic socialist who is the current front-runner to win the nomination, and Senator Elizabeth Warren, who is also in the race, have vowed to ban hydraulic fracturing style-drilling nationwide, stop offering drilling leases on public land, and re-impose a moratorium on crude oil exports if elected. Other Democratic presidential candidates have offered more moderate plans here

“The U.S. energy revolution ... is dynamic and game-changing for the U.S. economy and energy security. Yet, banning fracking and halting federal natural gas and oil leasing has been proposed,” API said, without mentioning the presidential race.

The group said its modeling showed that proposals to ban fracking and end public drilling leases would lead to a $7.1 trillion reduction in cumulative gross domestic product by 2030, and cut millions of jobs in places like Texas, California, Florida, Pennsylvania and Ohio.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: election2020; energy; marxism; socialism

1 posted on 02/27/2020 9:43:28 AM PST by Oldeconomybuyer
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To: Oldeconomybuyer

They want to take it back to Carter and the oil starvation of the US.


2 posted on 02/27/2020 9:48:50 AM PST by SkyDancer ( ~ Just Consider Me A Random Fact Generator ~ Eat Sleep Fly Repeat ~)
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To: Oldeconomybuyer

I don’t understand why the Democrat Party hates their own country.


3 posted on 02/27/2020 9:49:18 AM PST by abclily
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To: Oldeconomybuyer

LOL Looks like a damn game show that picture.


4 posted on 02/27/2020 9:50:39 AM PST by headstamp 2 (There's a stairway to heaven, but there's also a highway to hell.)
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To: Oldeconomybuyer

Drill Baby, Drill!


5 posted on 02/27/2020 9:52:40 AM PST by KC_Lion (Me and my homies woulda been stackin' bodies by now- G. Washington.)
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To: Oldeconomybuyer

Ask prairies Canada how those carbon taxes and drilling bans are working.


6 posted on 02/27/2020 9:58:08 AM PST by llevrok (Vote while it is still legal)
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To: abclily

Simple, The Global Cabal cannot take down a strong country unless they take away the elements that allow it to defend itself and provide for the economy to flourish

Another tangent of the Global Warming BS

Fear mongering in short and for the simple minded a “happening” tat they can latch onto and be somebody

Till the lights go out and they are riding their bike to the position the Government has assigned them in below freezing temps

Decisions have consequences

Choose

But do so wisely


7 posted on 02/27/2020 9:58:43 AM PST by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: abclily

Because they’re communists , silly!


8 posted on 02/27/2020 9:59:01 AM PST by Truthoverpower (The guv mint you get is the Trump winning express !)
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To: abclily

Because the Democrat party made a devils bargain with socialists by sheltering them back 50+ years ago. They have become inheritors of that poisoned philosphical tree.


9 posted on 02/27/2020 10:02:31 AM PST by Bayard
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To: Oldeconomybuyer

Kern County (Bakersfield CA) drilling put on hold.

https://bakersfieldnow.com/news/local/kern-county-administration-responds-to-court-ruling-putting-oil-drilling-on-hold


10 posted on 02/27/2020 10:12:31 AM PST by umgud
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To: Oldeconomybuyer
If Putin could pick one US policy most helpful to Russia this would be it. It costs us money, makes us dependant on the Mid East, raise worldwide oil and natural gas prices and makes Europe 100% dependent on and submissive to Russia.

How in the world do the Dems get away with saying President Trump colludes with Russia when they are the ones doing Putin's bidding.

11 posted on 02/27/2020 10:16:31 AM PST by KarlInOhio (Democrats couldn't count a Siskel and Ebert vote, but they'll still try with those dead Chicagoans.)
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To: Oldeconomybuyer

.


12 posted on 02/27/2020 1:28:57 PM PST by sauropod (David Horowitz: “Inside every progressive is a totalitarian screaming to get out.”)
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