“Keep it in the Ground” Policies Would be a Disaster – New Study

Let’s play “What if?” What if we followed the advice of the kooks who tell us to “keep it in the ground”–by which they mean we should immediately stop all extraction of fossil fuels–oil, gas, coal, etc. We’re told by the enviro left that renewables are here and ready now to take over the job of providing all of our energy needs. So what would REALLY happen if we stopped using all fossil fuels? The American Petroleum Institute commissioned a study of just that scenario. They released the study two days. Titled “The Impacts of Restricting Fossil Fuel Energy Production” (full copy below), the report reads like apocalyptic book of Revelation in the Bible. What would happen if there were no new private, state, or federal oil and natural gas leases; a complete ban on hydraulic fracturing; no new coal mines or expansion of existing mines; and no new energy infrastructure including pipelines? The U.S. economy would lose 5.9 million jobs. Our gross domestic product (GDP) would lose $11.8 trillion. Your household’s annual energy bill would jump by $4,552, per year! Crude oil prices would jump $40 per barrel, back to the bad old days of $100/barrel prices. (As an aside, because renewables really can’t take over the role of fossil fuels, we would become completely dependent on enemy countries in the Middle East for our oil.) Natural gas would jump from $3/Mcf to $21/Mcf. And your electric bill will go up by 56%. And that’s just for starters…

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