President Biden is set to sign new executive orders today which will likely end up utterly devastating the US Oil and Gas Industry.
The new executive order will freeze any and all new oil and gas leases on non-tribal public lands, effectively cutting off new sources of energy, making America more dependent on foreign oil producers, and likely destroying untold thousands of future energy industry jobs.
The move is reportedly part of Biden’s plan to move the US away from domestically produced oil and gas and toward policies more reflective of the so-called ‘Green New Deal.’
As Axios reports, major energy industry groups are speaking out against the move:
What they’re saying: Oil industry groups have been aggressively pushing back against the leasing plan, arguing it will ultimately cost jobs and imperil energy security.
“Restricting development on federal lands and waters is nothing more than an ‘import more oil’ policy,”API president Mike Sommers said in a statement.
As Fox Buisness notes Biden’s move will have a devastating impact on the US economy:
A fracking ban on federal lands would deliver a devastating blow to the U.S. economy, according to the American Petroleum Institute.
The organization projects a $700 billion hit to U.S. gross domestic product should the ban be extended through 2030. Such action would also erase $9 billion of revenue, some of which is used to fund education and conservation programs.
API projects 1 million job losses would occur by 2022 with the states of Texas, Wyoming and New Mexico seeing the biggest impact. The U.S. oil and gas industry supports 10.3 million jobs, with workers making an average salary of $101,181, according to a 2015 study from PricewaterhouseCoopers and the American Petroleum Institute.
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