By Tom Borelli
Despite clear and convincing evidence that hydraulic fracturing is a safe way to extract oil and natural gas from previously unreachable deposits, attacks on fracking have grown harsher.
At a recent Democratic debate, Hillary Clinton said that under the restrictions she’d like to impose, “I do not think there will be many places in America where fracking will continue to take place.”
Bernie Sanders was more blunt: “No, I do not support fracking.” When the moderator pointed out that even many Democratic governors do, Sanders said they were just wrong.
With their blind opposition, elite Democrats and other radical environmental activists are endangering America’s economy — and ignoring science. Fracking — that is, injecting fluid into shale rock to extract oil and natural gas — is an enormous boon to American workers. And it’s safe.
Thanks to fracking, in 2014 America became the world leader in oil and natural gas production. For the first time since 1970, we only import a quarter of the oil we use. In the America of Clinton and Sanders, the U.S. will again become dependent on foreign sources of energy.
From 2007-12, fracking jobs grew 40 percent while the rest of the private sector grew at just a 1 percent annual rate. Fracking supports about 2.1 million jobs. In the fracking-free America of Clinton and Sanders, those jobs are gone.
American households gained on average $1,200 from fracking in 2012, thanks to increased income from reduced energy costs. According to IHS, these same households could be saving up to $3,500 a year by 2025. In the America of Clinton and Sanders, incomes will decline and energy prices will rise.
Projections indicate that from 2012 to 2025, fracking will provide $1.6 trillion in tax revenue to American government at the federal, state and local levels. That’s enough to cover the current federal deficit for almost three years. In the fracking-free America of Clinton and Sanders, government will be starved of a source of revenue that is a product of robust economic activity…
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