Hydraulic Fracturing Ban would have Major Impact Adapted from Information by the U.S. Department of Energy With a new administration in the White House, hydraulic fracturing is once again under the microscope. The U.S. Department of Energy’s (DOE’s) Office of Fossil Energy has prepared a new report on the negative impacts a hydraulic fracturing ban would have on the country. The report, Economic and National Security Impacts Under a Hydraulic Fracturing Ban, explains how a ban would have far-reaching and severe consequences, including the loss of millions of jobs, price spikes at the gas pump, and higher electricity costs for all Americans. Perhaps one of the most eye-opening conclusions the report brings to light is how a ban on hydraulic fracturing would end the country’s role as the world’s largest gas and oil producer and force the United States to become an importer of gas and oil, again. “Hydraulic fracturing tapped the great reservoir of America’s natural resources. That technology made the United States the world’s largest oil and natural gas producer, while also creating high-paying jobs and delivering great consumer savings,” said Assistant Secretary for Fossil Energy Steven Winberg. “This report . . . details just how devastating the economic and national security impacts of a ban would be. Banning this technology would derail our recovery from recent COVID-related economic disruptions and increase the risk of another recession.” The report indicates consumers would feel most of the impact through higher electricity and natural gas costs. Retail electricity would increase by more than $480 billion between 2021 - 2025, and retail natural gas costs would increase by more than $400 billion during the same period. The report also revealed gasoline and diesel costs would soar, with gasoline prices going up to more than $4.20 per gallon in 2022 and 2023, and diesel prices increasing to $4.56 per gallon in 2022. The shale revolution created by hydraulic fracturing and related technology, specifically horizontal directional drilling, is also responsible for the country’s well-documented environmental success record - the reduction of carbon and other emissions to record-low levels. Natural gas is key to that environmental success because it fuels more than one-third of U.S. electric power plants and serves as an important enabler for integrating low-carbon intermittent renewables like wind and solar. “Taking away hydraulic fracturing technology from America’s oil and natural gas industry removes the primary technique needed to efficiently and responsibly extract abundant U.S. energy resources. Without new wells brought online, U.S. natural gas and oil production would rapidly fall, reversing the past decade's energy security gains,” said Deputy Assistant Secretary for Oil and Natural Gas Shawn Bennett. A ban of this magnitude would have rippling effects on other renewable energy technology growth as the gas and oil industry also provides the raw materials for solar panels, wind turbines, and associated equipment, namely plastics and metals production. Over the past year, the United States has reduced its trade deficits by nearly $12 billion by increasing its LNG (liquified natural gas) exports. The country has also made incredible scientific and technical advances to increase recovery from reservoirs while reducing environmental impacts. Eliminating the primary technology responsible for America’s gas and oil production growth would be devastating to its people, the economy, environment, and the country’s geopolitical standing. 17 MARCH 2021 WorldWide Drilling Resource® eranhenderson@gmail.com New & Used Tricones PDCs Drag & Claw Bits Drill Collars Bit Tipping Subs & Stabilizers HDD Bits & Reamers DTH Hammer & Bits Custom Fabrication Junk Mills / Fishing Tools Rod Henderson 661-201-6259 Eran Henderson 661-330-0790 G&O
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