A new study by the U.S. Chamber’s Global Energy Institute shows Ohio would lose 700,000 jobs and $245 billion in GDP over just four years if a ban on fracking were imposed in the U.S. The report is part of the Institute’s “Energy Accountability Series.”
According to the study, if such a ban were imposed in 2021, the average Ohioan would see their cost of living inflated by more than $5,600 by 2025, while Ohio’s total household income would fall $119 billion. State and local governments across Ohio would experience a loss of $20.6 billion in tax revenue.
Nationwide, a fracking ban would eliminate 19 million jobs and reduce U.S. GDP by $7.1 trillion. Natural gas prices would leap by 324%, causing household energy bills to more than quadruple. By 2025, petroleum products such as gasoline and diesel would cost roughly double what they are today. 1/2/2020