A Ban on Fracking Would Be Bad for the Economy

As member of the Joint Economic Committee, on Wednesday I participated in a hearing with Federal Reserve Chairman Jerome Powell. There, I questioned Chairman Powell on a number of issues including the devastating consequences a fracking ban would have on the economy-a ban that Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) strongly support.

Chairman Powell called America's energy independence ‘a great thing' and went on to say that shutting down the shale industry ‘would probably not be a good thing for the economy.'

As news outlets reported:

"Federal Reserve Chair Jerome Powell on Wednesday said it would likely hurt the U.S. economy if the federal government were to ban fracking, an idea proposed by Sens. Elizabeth Warren, Bernie Sanders and several other 2020 Democratic presidential contenders." - Politico

"Fed chairman Jerome Powell described the development of American energy independence as "miraculous" and warned that ending fracking and extraction of shale oil would not be good for the economy." - Breitbart

"But Powell did concede, under questioning from Cruz, that a ban on fracking would ‘not be a good thing for the economy.' Some Democrats have called for a fracking ban over environmental concerns about the controversial method for drilling for oil and gas." - Associated Press

Watch my full exchange with Chairman Powell here. Excerpts are below:

Sen. Cruz: "Former Chairman Ben Bernanke in 2014 called the shale revolution, ‘One of the most beneficial economic developments in the country.' Do you share that assessment and conversely, do you have concerns about the impact on the economy if the federal government were to ban fracking and shut down the shale revolution?"

Chairman Powell: "I would certainly agree. I think that the energy independence of the United States is something that people [have] been talking about for 50 years and I never thought it would happen, and here it is. It's in the nature of a miracle, it seems to me. So it's a great thing, I would say. It's not to say there aren't issues to manage, environmental issues, all kinds of other issues. But, I think it's been a great thing for the country."

Sen. Cruz: "And would it be harmful to end it? Economically?"

Chairman Powell: "Well, I wouldn't be looking. I wouldn't be-I think to shut down the shale industry, yeah, that would be, that would probably not be a good thing for the economy."

Sen. Cruz: "Thank you."

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