A new report from the U.S. Chamber of Commerce found that a nationwide fracking ban could eliminate nearly 15 million jobs.
The report, published on Monday by the U.S. Chamber of Commerce’s Institute for 21st Century Energy, found that a nationwide fracking ban could eliminate 14.8 million by 2022.
The report also found that gasoline and electricity prices would almost double if a nationwide ban on hydraulic fracturing were instituted.
Those price increases could push the cost of living up by nearly $4,000 for each American family, the report said.
“Without fracking, the U.S. would surrender our status as a global energy superpower. Every American family could face higher prices for the energy they consume and the products and services they buy, and almost 15 million Americans could be out of work,” U.S. Chamber’s Institute for 21st Century Energy president and CEO Karen Harbert said.
The Energy Institute’s report also looked at the economic impacts that a fracking ban would have on some of the country’s most energy-rich states.
The report found that a nationwide fracking ban could eliminate as many as 1.6 million jobs in Texas and reduce Pennsylvania’s GDP by up to $50 billion a year.
Colorado could see as many as 215,000 jobs eliminated by a fracking ban while Ohio could see its average household costs jump by $4,000 per year.
The report also found that seventeen separate economic sectors, including those with no direct connection to the oil and gas sector, would “experience hardship” as a result of higher energy prices brought on by a fracking ban.
The Energy Institute found that the retail and wholesale sectors are “among the most vulnerable” to higher energy prices.
“Bringing back energy scarcity means higher energy prices for everyone. Beyond that, banning fracking would make America much more reliant on foreign sources of energy, weakening our national security,” Habert said.
Several attempts to impose local or statewide fracking bans in major producing states have been overturned.
Earlier this year, Colorado’s Supreme Court struck down two local government bans on hydraulic fracturing.
Texas governor Greg Abbott signed a bill in late 2015 banning local governments from instituting bans on hydraulic fracturing.
Republican presidential nominee Donald Trump told Colorado’s 9NEWS earlier this year that, while he’s in favor of fracking, he believes “voters should have a big say” in whether local bans are imposed.
Democratic presidential nominee Hillary Clinton has called for tighter water safety regulations and more disclosures about chemicals used during drilling.
Clinton has also said she would honor state and local bans on fracking.
“So by the time we get through all of my conditions, I do not think there will be many places in America where fracking will continue to take place,” Clinton said during a debate in Flint, Michigan earlier this year.