Biden’s Drilling Ban Would Cost 1 Million Jobs & Cause $700 Billion Drop in GDP, Study Says

One thing that liberals are always shy of is facts. They hate them, they absolutely loathe them is probably a better terminology. Unfortunately the numbers never lie.

According to a study from the American Petroleum Institute, the oil and gas industry’s largest trade group, Biden’s drilling ban would absolutely cut the legs out from under the American economy.

The study of course does not name Biden, but we’re going off of what the Democrat nominee has consistently said that he will do if elected.

The following is from The Washington Examiner:

API’s study, prepared by the energy consulting firm OnLocation, finds a federal drilling ban would cause U.S. GDP to fall by a cumulative $700 billion through 2030. U.S. oil imports would increase by 2 million barrels a day, while natural gas exports, which have boomed during the Trump administration, could decrease by 800 billion cubic feet in a decade.

“It’s clear a federal leasing ban should be off the table — there’s far too much at stake for American workers, local economies, and our nation’s energy security,” said Mike Sommers, API president and CEO.

In an attempt to assuage swing voters, Biden has pledged not to ban fracking, the method of extracting oil and gas underground that facilitated the shale boom.

But he’s stood firm on a federal drilling ban. While most fracking occurs on private lands, a good chunk of oil and gas development occurs in federal territory. Biden’s ban would not affect existing oil and gas leases, which can last for up to 10 years.

According to API, federal lands and waters combined accounted for 12% of U.S. natural gas production and nearly a quarter of U.S. oil production in 2019.

For example, while most of the Permian Basin, the world’s biggest oil field, exists on private land in West Texas, some of it spills over to public land in New Mexico. Democratic Gov. Michelle Lujan Grisham has said she wants New Mexico, the top recipient of energy revenues from federal lands, exempted from any drilling ban.

API’s study projects New Mexico and Wyoming, along with Texas, which benefits from offshore oil development in the Gulf of Mexico, would be among the hardest-hit states. New Mexico would stand to lose more than 62,000 jobs, the study said.

You can read more from our friends at The Washington Examiner.

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