Banning hydraulic fracturing and halting new drilling on federal land would cost the U.S. economy $7 trillion in the next decade and kill millions of jobs, the U.S. oil industry’s main lobby group said on Thursday in a report targeting the climate plans of top Democratic presidential candidates. The report from the American Petroleum Institute underscores mounting concern in the U.S. drilling industry over the possibility a candidate in favor of rapidly ending the fossil fuel economy to fight global warming will win the Democratic Party's nomination to face Republican President Donald Trump in the November election.
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