$8 gas prices possible with no fracking, energy expert says
Motorists could be in for rude awakening at the gas pump if anti-fracking advocates get their way, according to one industry insider.
Myron Ebell, the director of the Center for Energy and Environment at the Competitive Enterprise Institute, predicts that gas prices will triple the national average if fracking is halted.
"If we get rid of fracking we're gonna see six to eight dollar a gallon gasoline probably," he said during an interview on FOX Business’ “Cavuto: Coast-to-Coast” Thursday.
"If we get rid of fracking we're gonna see six to eight dollar a gallon gasoline probably."
The fossil fuel industry continues to be demonized.
On Wednesday at the CNN climate change town hall, the 2020 Democratic presidential candidates attempted to over vilify the industry. The 10 candidates discussed their aggressive environmental proposals to wean America off fossil fuels.
Massachusetts Senator Elizabeth Warren said she would, “attack the corruption in Washington that keeps Washington working for these big fossil fuel companies.” While California Senator Kamala Harris touted her lawsuit against Exxon Mobil while she was the state’s attorney general indicating that she would continue to aggressively pursue oil companies.
“They are causing harm and death in communities, and there has been no accountability,” Harris said at the town hall.
Fossil fuel, which consists of coal, oil and natural gas, provides 80% of the world’s energy, according to Ebell. Oil provides the energy for 90% of the air and land transportation.
“I think the problem with this demonization of the fossil fuel industry and the oil industry, in particular, is that the CEOs of the big oil companies don't do a very good job of defending their own industry and what it provides the benefits and the amazing benefits it provides for humankind,” he said.
Ebell said that it will be interesting to see how the public reacts to the Democratic presidential candidates' push to square off the sources that provide the majority of the world’s energy.
“We should all be willing to pay thousands of dollars more per year for transportation and for our electric bills in our houses,” he said if Democrats get their way. “I know people say that they want to do something about climate change but they don't really see that they ought to be paying thousands of dollars a year a year to do it.”
Despite the prediction, drivers are seeing much lower prices at the pump. The national average is $2.57, that's 26-cents cheaper than a year ago, according to AAA.
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