Marty Durbin is the president of the US Chamber of Commerce’s Global Energy Institute, specifically the global energy Institute. Today he joins us on In The Oil Patch Radio Show!
Kym Bolado :
Marty, you live in D C here, we witnessed lines like back in the 70s of people hurrying to get to their local gas station and filling up and gas stations were running out of gas. So it’s important for the economy, it’s important for the business sector. It’s, it’s important for, uh, national security and Wars. But let’s talk a little bit about also, uh, how much it’s going to impact the economy in your report. What would happen if we just, someone got elected to office that said, from day one, I’m going to ban fracking on federal lands and, uh, offshore. What does that day look like for us?
Well for base based on our report, what that shows is that, you know, banning fracking would eliminate 19 million jobs across the County and reduce GDP by over $7 trillion over the five year period. And to put that in perspective, there’s a $7 trillion with a five year period. The U S economy is about $20 trillion annually. So that means it’s a huge portion of the, uh, of the economy. And what am I have a devastating impact. It’s not just about oil producing States, you know, natural gas producing States and the industry itself, you know, this flows down to every manufacturing you can, you can think of, uh, and, and, you know, and, and down into, you know, not just how we use energy on our own in our own lives, but, uh, every product you can think comes out of petrochemical plant, into plastics and in the pharmaceuticals, what have you. So, in addition, in our report, in addition to looking at, you know, five energy producing States, oil and natural gas producing States, we looked at two that aren’t, we looked at Wisconsin and Michigan that aren’t big producers of oil and natural gas, but they’re huge beneficiaries of the, uh, of both the amount and the, and the low cost, uh, of, of energy here, there, as you can imagine, big manufacturing States.