Plans favored by Democratic presidential candidates to ban oil and gas production in the U.S. could have serious consequences for the stability of national and global markets.
International Energy Agency executive director Fatih Birol warned Monday that fracking bans proposed by Democratic presidential candidates Kamala Harris, Bernie Sanders, and Elizabeth Warren would have “major implications,” according to CNBC.
“This would have major implications on the market for the U.S. economy, for jobs growth and everything, and not good news for energy security,” Birol told CNBC’s Squawk Box Europe at the World Energy Conference.
“U.S. natural gas provides a lot of security to the markets. Before the U.S. shale gas revolution, Russia was the country which was dominating alone the gas markets,” Birol continued.
The candidates, all sitting senators, have proposed fracking bans to curb CO2 production and combat climate change.
“I think climate change is serious issue. The oil industry, gas industry have to be part of the solution rather than being the problem or a barrier,” Birol said.
