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Tipsheet

ICYMI: Joe Biden Promised to Destroy the Oil Industry Last Night

AP Photo/Evan Vucci

In an effort to gain support on the far-left flank of the Democratic Party Sunday night, former Vice President Joe Biden vowed to stop oil drilling in the United States and said he would implement a ban on new fracking.

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"No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period. Ends," Biden said. "No new fracking."

This translates to massive job losses for millions of Americans, not to mention how Biden's policy would create an unaffordable increase in energy prices.

Industry supports 9.8 million jobs or 5.6 percent of total U.S. employment, according to PwC. In 2012, the unconventional oil and natural gas value chain and energy-related chemicals activity together supported more than 2.1 million jobs, according to IHS – a number that’s projected to reach 3.9 million by 2025.

Rapid growth in oil production from shale using advanced hydraulic fracturing and horizontal drilling is creating high-paying jobs and boosting personal incomes in states like North Dakota and Texas.

The U.S. manufacturing sector is being revitalized because of the shale energy revolution, with manufacturers gaining an edge for products made domestically from the use of affordable natural gas and associated feedstocks. The development of America’s vast shale natural gas reserves could add more than 1 million U.S. manufacturing jobs by 2025, according to PwC. A Reuters analysis indicated that low-cost natural gas made a $2.08 trillion contribution to the U.S. manufacturing sector in 2013 alone.

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Politically, it's really stupid. Biden needs to win blue collar gas workers in Pennsylvania to beat President Donald Trump.

This comes after Biden told a blue collar, auto union worker in Detroit last week he was "full of sh*t" for asking questions about the Second Amendment.

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