We've been making the point that political chatter about banning safe hydraulic fracturing and ending federal natural gas and oil leasing simply doesn't make sense when you think about how far the U.S. has come in recent years - economic growth, increased energy security and consumer benefits - because of modern fracking, which is used for 95% of new wells in the U.S. today.
Thanks to a new study, we now know what America would look like, and the picture isn't good.
A new economic analysis conducted by OnLocation shows that if some politicians get their way and ban fracking and federal natural gas and oil leasing, the consequences could be crippling:
- U.S. economy likely falling into recession with millions of jobs sacrificed
- Consumers hit by higher energy costs across the board
- A nation increasingly dependent on foreign energy
This study was conducted because banning fracking and federal leasing is regularly being pushed by some candidates on the presidential campaign trail.