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Category: Politics: Enter at your own risk Politics: Enter at your own risk
Published: 04 December 2019 04 December 2019

Study Reveals Democrats’ Plan to End Drilling Process Would Cost State Billions

Albuquerque, December 4—The head of the U.S. Chamber of Commerce’s Global Energy Institute has unveiled the results of a new study that shows a ban on fracking would be devastating for New Mexico’s livelihood. Marty Durbin says the study reveals that 27,000 jobs would be lost in New Mexico and the state’s economy would be crushed to the tune of $7 billion in just the first year if fracking is stopped.

Republican Party of New Mexico Chairman Steve Pearce issued the following statement on these findings:

“These outrageous pledges by Democratic presidential candidates to end fracking would kill New Mexico’s economy. Their proposal would stop the heartbeat of our great state, which relies heavily on the oil and gas industry. Any ban would crush the lives of our hardworking citizens and empty our state coffers. Our multibillion-dollar oil and gas industry provides much-needed revenue to fund New Mexico schools and other vital government programs. This industry also puts us on the world stage when it comes to oil production and market stability.”

The study shows a ban would sink New Mexico household income by $2 billion annually and nearly $700 million would be lost in local and state tax revenue.

Other studies have shown that the impact of a fracking ban would be even more catastrophic.