Biden drilling ban would cost 1M jobs and cause $700B drop in GDP: Industry study

Joe Biden’s pledge to block oil and gas drilling on federal lands and waters would force the United States to rely more on foreign energy sources, cost nearly 1 million jobs by 2022, and cause carbon emissions to increase by prompting a rebound in coal.



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That’s according to a study Wednesday from the American Petroleum Institute, the oil and gas industry’s largest trade group.

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The study does not name Biden, but the Democratic nominee has consistently pledged to ban new federal oil and gas leasing and development on public lands and waters.

It’s one of the centerpieces of his agenda to tackle climate change.

API’s study, prepared by the energy consulting firm OnLocation, finds a federal drilling ban would cause U.S. GDP to fall by a cumulative $700 billion through 2030. U.S. oil imports would increase by 2 million barrels a day, while

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