Ban on Drilling Would Cost 1 Million Jobs, Petroleum Body Says

Ban on Drilling Would Cost 1 Million Jobs, Petroleum Body Says

The American Petroleum Institute (API) said Wednesday that banning oil and natural gas development o..

The American Petroleum Institute (API) said Wednesday that banning oil and natural gas development offshore and on federal lands could lead to the loss of almost one million American jobs. In addition, such a ban would force the United States to rely more heavily on foreign sources of energy, increase CO2 emissions by forcing greater reliance on coal, and slash local and federal tax revenue from the oil and gas industry.

“Banning federal leasing and development on federal lands and waters would derail decades of U.S. energy progress and return us to the days of relying on foreign energy sources hostile to American interests,” said API president and CEO Mike Sommers in a statement. “This is ultimately a choice between American-made energy and foreign energy, a choice between American jobs and foreign jobs.”

“Its clear a federal leasing ban should be off the table—theres far too much at stake for American workers, local economies and our nations energy security,” said Sommers.

The analysis was prepared for the API by Virginia-based environmental management consultants OnLocation Inc. According to their analysis, a ban on oil and gas development on federal lands and waters would significantly impact the United States energy security, economy and employment, and environmental progress.

Storage tanks at the Marathon Petroleum Corp. refinery in Detroit, on April 21, 2020. (Paul Sancya/AP Photo)

What of the Biden Plan?

The report does not name former Vice President Joe Biden, nor refer to his proposed policies directly. In a March 15 debate televised by CNN, however, Biden said that his energy and environment plan would curtail the oil and gas industrys ability to develop new energy projects. “No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period. Ends,” said Biden.

He also said on Aug. 31 that he did not intend to ban fracking entirely. “I am not banning fracking. Let me say that again. I am not banning fracking, no matter how many times Donald Trump lies about me,” Biden said during a speech in western Pennsylvania.

In a July 14 speech on jobs, infrastructure and energy, however, Biden said that as president, he would focus on renewable energy as a driver of employment.

Epoch Times Photo
Epoch Times Photo
Former Vice President Joe Biden participates in a Democratic presidential primary debate at CNN Studios in Washington on March 15, 2020. (Evan Vucci/AP Photo)

“Transforming the American electricity sector to produce power without also producing carbon pollution—and electrifying an increasing share of our economy—will be the greatest spur to job creation and economic competitiveness in the 21st century,” Biden said. “Thats why we are going to achieve a carbon-pollution free electricity sector by 2035. And we need to get to work right away.”

Biden said that if he became president, his administration would accelerate the adoption of electric vehicles by building 500,000 charging stations and offering rebates and incentives for Americans to buy cleaner, non-fossil-fuel-powered cars. His plan would save millions of barrels of oil each year, he said. “Together, this will mean one million good new jobs in the American auto industry, its supply chains, and the associated infrastructure.”

According to the API, however, any plan to stop oil and gas development on federal lands and water bodies woulRead More – Source

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