EQT CEO warns of “skyrocketing” gas prices if fracing is banned under U.S. presidential candidate Kamala Harris
(Bloomberg) – Prices for natural gas would “skyrocket” if fracing was banned. That’s according to Toby Rice, chief executive officer of shale driller EQT Corp., marking one of the first prominent voices in the fossil fuel industry to comment on the election after President Joe Biden said he would end his candidacy.
“It would actually be constructive for prices, but it would be bad for Americans,” Rice said.
His comments come with Kamala Harris suddenly in contention for the Democratic nomination after Biden abandoned his reelection bid. Harris has a track record of opposition to offshore drilling and fracing, suggesting she’d be a fierce oil industry antagonist if she were to win the White House in November.
On the 2020 campaign trail, Harris endorsed a ban on fracing and offshore drilling, telling a CNN townhall in 2019, “There’s no question I’m in favor of banning fracing.” Harris moderated her views after being selected as Biden’s running mate, emphasizing new restrictions and regulations for the drilling technique instead.
Still, even if Harris wanted to, she wouldn’t be able to unilaterally ban fracing on private lands. Under a 2005 law, the Environmental Protection Agency has almost no regulatory power over fracing. Changing that would require an act of Congress.
“This is the time for us as industry and as Americans to hold leaders accountable for statements that I think are really damaging and cause completely unintended impacts,” Rice said, referring to politicians who’ve spoken about fracking bans.
A fracing ban would cause the company’s production to drop by about 25%, he said.
EQT Corp. calls itself the largest natural gas producer in the U.S., with operations in Pennsylvania, West Virginia and Ohio. While some state-level bans on hydraulic fracturing have passed in New York and Washington state, these moratoriums have not dented the country’s ample gas production, which is more prolific in other regions.
“We align our politics with the politics of our customers, which is every American that uses our products,” Rice said.
