Exxon, Chevron Begin Pushing Back Against Warren’s Fracking Ban
- Oil giants say a ban would shift profits from U.S. to overseas
- Democratic candidates vow to end corporate sway in Washington
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America’s two biggest oil companies are starting to push back against the fracking ban touted by the leading candidates for the Democratic presidential nomination, which may become one of the most consequential flashpoints for energy markets during the election campaign.
Exxon Mobil Corp. and Chevron Corp. executives spoke out publicly against the proposals for the first time on Friday, saying they would shift profits from crude production from the U.S. to other countries, and may increase prices for consumers while doing nothing to reduce oil demand or greenhouse-gas emissions.