Today Tuesday, 28th September 2021
Finance and Fitness Today

Your latest news, ideas, strategies. Keep up to date with all the latest information.

Heath Tips

  • In enim justo, rhoncus ut, imperdiet a
  • Fringilla vel, aliquet nec, vulputateDonec pede justo,  eget, arcu. In enim justo, rhoncus ut, imperdiet a, venenatis vitae, justo.Nullam dictum felis eu pede mollis pretium.

Recent posts

Democratic candidates’ drilling ban would cost U.S. economy $7 trillion: oil group

Democratic candidates’ drilling ban would cost U.S. economy $7 trillion: oil group
imageCommodities8 hours ago (Feb 27, 2020 12:36PM ET)

WASHINGTON (Reuters) – 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 https://www.reuters.com/article/us-usa-election-climatechange-factbox/factbox-climate-change-plans-of-the-leading-us-democratic-candidates-idUSKBN1ZL2TT.

“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.

It added that it expected such proposals would increase U.S. reliance on foreign energy sources, and boost costs for homeowners and farmers.

Democratic presidential contenders, meanwhile, have argued that climate change is an urgent global threat and that a transition to a clean energy economy can create huge economic growth. They have offered plans to help retrain oil, gas and coal workers for new jobs.

Trump, who is seeking a second term in the White House, wants to maximize U.S. energy production and has downplayed the threats from global warming. The United States has grown in recent years into the world’s largest producer of oil and gas.

Democratic candidates’ drilling ban would cost U.S. economy $7 trillion: oil group

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Posts

Read also x