Democratic presidential primary candidate Robert Kennedy Jr. came under severe criticism from an oil analyst after the presidential hopeful said he would ban fracking as part of his 10-point plan to fix the plastics pollution crisis.
Fracking, a term used to refer to hydraulic fracturing, is a drilling method in which cracks in and below Earth’s surface are opened and widened by injecting water, chemicals and sand at high pressure. This has been credited for the surging oil and natural gas production in the U.S.
Energy Price Spike: A fracking ban in the U.S. would result in oil prices spiking to $200 per barrel, gasoline prices to $9 per gallon and natural gas to $9 to $14, said Anas Alhajji, an oil analyst based in Dallas, on X on Sunday.
The WTI grade crude oil has recently spiked to a 10-month high amid concerns over supply in the wake of voluntary production cuts by Saudi Arabia and Russia. A barrel of light-sweet crude settled Friday’s session at $90.77. The nationwide average gas price was at $3.876, according to data from American Automobile Association, and natural gas futures settled Friday’s session at $2.644 a gallon.
Alhajji’s price projection in the wake of a potential fracking ban means that crude oil and gas prices would more than double from current levels. Natural gas prices could, on average, rise by over four times.
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Setback To US: Alhajji also warned of vanishing U.S. oil exports and a more than doubling of oil imports in the eventuality of a fracking ban. The result would be a heavy dependence on foreign countries, including Russia and those part of OPEC, he said.
This, in turn, would result in the deterioration of the U.S. trade balance and eventually weaken the dollar, Alhajji said.
It might also lead to a complete destruction of the U.S. LNG industry and a loss of all political and foreign policy gains from the U.S.’ role as the largest oil and gas producer in the world, the energy expert said.
“Nothing will make Russia, Iran and China happier than a fracking ban!” Alhajji said. Tagging Kennedy on X, he asked whether the presidential hopeful “realizes these issues.” “I suggest he asks the experts,” Alhajji added.
The United States Oil Fund, LP USO ended Friday’s session up 0.21% at $81.29, according to Benzinga Pro data.
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