The U.S. Chamber of Commerce is targeting the anti-fossil fuel policies of Democratic presidential candidates and environmental groups by releasing a report Tuesday that shows the U.S. is more secure due to fracking.
“In this era of an increasingly extreme ‘keep it in the ground’ movement, it is important to recognize that the shale revolution has made America almost 25 percent more secure than it was in 1980, reducing our risks across a variety of metrics,” said Karen Harbert, the president and CEO of the U.S. Chamber of Commerce’s Institute for 21st Century Energy.
“It’s vitally important that we don’t squander our energy advantage through bad policy choices,” Harbert added.
The Keep it in the Ground movement has been supporting a nationwide ban on fracking, and presidential hopeful Sen. Bernie Sanders of Vermont has led the charge in his campaign for the Oval Office.
The Institute for 21st Century Energy updated its energy security index on Tuesday, which ranks countries’ standing on energy uncertainty. This year’s report shows the U.S. jumped two spots to become fourth among the 25 most energy-secure nations, behind Norway, Mexico and New Zealand.
The report also underscores the shale boom’s effect on keeping energy prices low, which in turn has been attracting jobs and growth when compared to other Western countries.
The Chamber said this is a “cautionary tale” for policymakers, however, who should be wary of European policies that have driven up the cost of electricity. The Chamber is not specific on which policies it is referring to, but it is safe to say it is alluding to cap-and-trade and other climate change regulations that have cause price spikes in recent years.
“Improved energy security really does lead to improved economic opportunities,” said Stephen Eule, the institute’s vice president.
“Seven of the bottom 10 countries among large users in our electricity risk index metrics are in Western Europe, which is making industries like manufacturing and chemicals an endangered species there,” Eule said. “We’re seeing large-scale plant closures in Germany, the UK, and other nations, some of which are resulting in new plants in the U.S., where energy costs are lower.”
Oil giant Norway remained at the top of the index, primarily as a result of its fossil fuel bounty and export capacity as a large oil producer.
The Ukraine continues to remain at the bottom of the index as the least energy-secure nation, primarily due to its dependence on energy imports from Russia.
The report said almost every nation saw a drop in the risks posed by energy security, driven primarily by cheap oil.
