Fort Worth, Texas, Monday, July 14, 2014 – A hydraulic fracturing ban in Denton would cost the city and the state of Texas hundreds of millions of dollars in lost gross product, according to a recent economic study by The Perryman Group.
The study analyzed the effects on the economy and tax revenue to local entities and the state if hydraulic fracturing was banned in Denton.
“The economic impact of a hydraulic fracturing ban in the city of Denton would be extremely detrimental,” said Texas economist Ray Perryman, who just completed a new study for the Fort Worth Chamber of Commerce.
“Over the next 10 years, a hydraulic fracturing ban in the City of Denton would negatively impact the city of Denton’s local economy by $251.4 million in lost gross product; 2,077 lost person-years of employment; and put a severe financial strain on the City and its taxpayers from millions of dollars in lost oil and gas related revenue,” Perryman said.
“Those negative impacts will be felt well beyond the confines of city government,” Perryman added. “The State of Texas, Denton County, local school districts, and even the University of North Texas will all lose millions of dollars in oil and gas relate revenue which would need to be recouped through either cut backs in current public services or by increased taxes, higher fees or tuition rate hikes.”
The study will be formally presented to the Denton City Council July 15 during its public hearing on the proposed hydraulic fracturing ban. Less than 1,600 registered voters in the city of Denton have petitioned to have the Council either adopt a “hydraulic fracturing ban” or place the measure for voter consideration on the November 4, 2014 ballot.
Click here to download a copy of The Perryman Study economic impact report: "The Adverse Impact of Banning Hydraulic Fracturing in the City of Denton on Business Activity and Tax Receipts in the City and State."
Paid For By Denton Taxpayers For A Strong Economy