Oil and gas leaders know that if Sen. Elizabeth Warren is elected President and follows through with her pledge to ban fracking on her first day in office, she can’t do it without Congress. Still, the very subject no doubt has those leaders shaking their heads in disbelief.
Energy and Environment Secretary Kenneth Wagner has yet to offer any thoughts about Warren’s controversial campaign statement.
The Petroleum Alliance of Oklahoma issued a statement without referring to Sen. Warren or the other Democratic Presidential candidates who support a ban on fracking.
“Such misguided action would be detrimental not only to Oklahoma’s economy, but also to that of the U.S. Currently, there is no energy source that could replace the loss of cheap, abundant oil and natural gas. Therefore, energy prices would skyrocket, hurting our poorest and most vulnerable citizens the most.”
Axios reported a brief new analysis sees U.S. oil production plunging by 25% if a Warren succeeds in banning fracking as part of a wider fossil fuel crackdown.
A Rapidan Energy Group note projects that if a ban were imposed on Jan. 1, 2022, U.S. oil production from shale formations would fall by over 3 million barrels per day within a year.
- “Halting fracking would stop new growth instantly, and steep decline curves — most new shale wells see 65–85% production declines in the first year, slowing to ~15% after ~5 years — would drive production sharply lower,” it states.
It’s only a thought exercise because a ban isn’t isn’t in the cards. But it’s nonetheless an interesting look at the potential fallout of the climate policy proposals surfacing in the Democratic primary race.