Research & Commentary: Study Shows Potential Economic Pain in California if Fracking Is Banned on Federal Lands
January 20, 2021
By Tim Benson
$3 Billion In Lost Tax Revenue, $8.4 Billion In Lost Income, $17 Billion Lost Value Added Through 2040
A new study from the School of Energy Resources at the University of Wyoming (UW) lays out how a ban on hydraulic fracturing (“frackingâ€) on federal lands would lead to “significant fiscal and economic losses†in California through 2040.
The Fiscal and Economic Impacts of Federal Onshore Oil and Gas Lease Moratorium and Drilling Ban Policies, commissioned by the Wyoming Energy Authority and the New Mexico Oil and Gas Association and released in December 2020, shows how the Golden State would suffer under both a moratorium on new leasing ventures and an outright ban on fracking altogether, which President Joe Biden has pledged to impose.
The development of shale reserves in California has turned the state into the fourteenth-largest producer of natural gas in the United States, as well as the seventh-largest producer of crude oil, with reserves possible to make those numbers grow significantly.
https://www.heartland.org/publications-resources/publications/research--commentary-study-shows-potential-economic-pain-in-california-if-fracking-is-banned-on-federal-lands
