Elizabeth Warren has now promised that she would ban fracking on her first day in office. She wants to issue the ban in order to fight climate change. Think about that for a moment and consider whether this promise alone disqualifies Warren from ever being president.
Here are a few important facts:
1. In the last 20 years, the USA has cut its carbon dioxide emissions substantially. We are alone of all the world's large economies to accomplish that feat. The principal driver of the emissions cut has been the conversion of our electric power plants from burning coal to using natural gas instead. The use of gas cuts emission by nearly two-thirds compared to coal.
2. The conversion to natural gas has been made possible by the increased supply of natural gas that results from the use of fracking. For example, Pennsylvania has now become the second largest producer of nat gas and over 99% of all the gas produced there results from fracking.
3. If fracking is banned, the amount of natural gas produced will start to decline noticeably by six months later. By two years later production will be down by something over 30%. All these power plants that run on natural gas will be forced to switch back either to coal or oil, and both of those fuels will be substantially dirtier than the nat gas. In short, banning fracking will result in a big INCREASE in emissions.
4. Right now about 83% of all US power comes from either fossil fuels or nuclear power. Warren also opposes nuclear power for safety reasons. The fuel to provide power will have to be replaced if we are all to have electric power moving forward.
5. The bulk of all new domestic oil production is also the result of fracking. The Permian is a huge field, but it depends on fracking for production. Without the use of fracking, American oil production will drop quickly. We will be back to importing oil from OPEC. There will be a shortage of oil worldwide. That means that both oil and gas prices will soar. Get ready to pay seven or eight dollars, if not more, per gallon at the gas station.
6, There are literally millions of people whose livelihood depends on the production of domestic oil and gas. Essentially all of these jobs will be placed at risk and millions will be lost if fracking is banned. It will mean a severe recession at best and a depression at worst.
Put all this together and you find that banning fracking will do the opposite of what Warren intends. It will INCREASE carbon emissions. At the same time it will deliver a body blow to the American economy. We will have "instant recession" or "depression".
So what is the benefit of banning fracking? Warren says it shows we are serious about fighting climate change. She gets to show her virtue by taking this step. Warren wants to go with virtue signalling even if it harms the environment and kills our economy. What's her slogan going to be? How about "America Last!"
Here are a few important facts:
1. In the last 20 years, the USA has cut its carbon dioxide emissions substantially. We are alone of all the world's large economies to accomplish that feat. The principal driver of the emissions cut has been the conversion of our electric power plants from burning coal to using natural gas instead. The use of gas cuts emission by nearly two-thirds compared to coal.
2. The conversion to natural gas has been made possible by the increased supply of natural gas that results from the use of fracking. For example, Pennsylvania has now become the second largest producer of nat gas and over 99% of all the gas produced there results from fracking.
3. If fracking is banned, the amount of natural gas produced will start to decline noticeably by six months later. By two years later production will be down by something over 30%. All these power plants that run on natural gas will be forced to switch back either to coal or oil, and both of those fuels will be substantially dirtier than the nat gas. In short, banning fracking will result in a big INCREASE in emissions.
4. Right now about 83% of all US power comes from either fossil fuels or nuclear power. Warren also opposes nuclear power for safety reasons. The fuel to provide power will have to be replaced if we are all to have electric power moving forward.
5. The bulk of all new domestic oil production is also the result of fracking. The Permian is a huge field, but it depends on fracking for production. Without the use of fracking, American oil production will drop quickly. We will be back to importing oil from OPEC. There will be a shortage of oil worldwide. That means that both oil and gas prices will soar. Get ready to pay seven or eight dollars, if not more, per gallon at the gas station.
6, There are literally millions of people whose livelihood depends on the production of domestic oil and gas. Essentially all of these jobs will be placed at risk and millions will be lost if fracking is banned. It will mean a severe recession at best and a depression at worst.
Put all this together and you find that banning fracking will do the opposite of what Warren intends. It will INCREASE carbon emissions. At the same time it will deliver a body blow to the American economy. We will have "instant recession" or "depression".
So what is the benefit of banning fracking? Warren says it shows we are serious about fighting climate change. She gets to show her virtue by taking this step. Warren wants to go with virtue signalling even if it harms the environment and kills our economy. What's her slogan going to be? How about "America Last!"
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