The question as to whether a President Joe Biden would or would not ban fracking has two answers: He would “make sure” that hydraulic fracturing or “fracking” to produce oil and natural gas is “eliminated” while saying he would not ban the technique.
A recent American Petroleum Institute (API) analysis reveals the impact of halting the oil and gas production on federal lands:
According to a new OnLocation analysis, The Consequences of a Leasing and Development Ban on Federal Lands and Waters (Sept. 2020), U.S. energy leadership could be at stake if a federal leasing and development ban is enacted.
“Over the past decade, the shale revolution in America has transformed our economy and reduced our emissions,” the Institute reported, noting how banning fossil fuels would “deliver a staggering blow to the economy.”
Energy prices would skyrocket, with natural gas prices rising by 324 percent, causing household energy bills to quadruple and the cost of living to increase by $5,661 for the average American.