A ban on federal leasing hydraulic fracturing (fracking) on public and private lands in the United States would potentially cost as many as 7.5 million jobs in 2022 and lead to a cumulative gross domestic production (GDP) loss of $7.1 trillion by 2030, according to the American Petroleum Institute (API).

A study conducted by OnLocation Inc. found that such a ban would prompt a series of economic setbacks, including cutting average household income by $5,400 annually, increasing household energy costs by more than $600 per year and reducing farm incomes by 43% due to higher energy costs.

"If a ban is enacted, the U.S. would flip from being a net exporter of oil and petroleum products to importing more than 40% of supplies by 2030," API said in a report issued Thursday.

Amid growing pressure to act on the climate crisis, multiple Democratic presidential candidates have pledged to ban or restrict fracking.

"You can't eliminate the very technology that has enabled the American energy revolution without damaging economic consequences," said OnLocation CEO Lessly Goudarzi. "As our analysis shows, assuming a full ban on fracking would threaten a U.S. recession and force American consumers to rely more on foreign energy rather than energy produced here in the U.S."

OnLocation concluded that average residential natural gas prices would increase 58% and electricity prices would average 20% higher per family annually if a frack ban were enacted.

The study, based on the U.S. Energy Information Administration's National Energy Modeling System, examined the potential impact of a fracking ban on all industries and households.

The conclusions in the API study mirrored a recent report by the Global Energy Institute that found that a ban on fracking would be "catastrophic" for the U.S. economy, eliminating 19 million jobs by 2025, reducing GDP by $7.1 trillion, and reducing tax revenue at the local, state and federal levels by almost $1.9 trillion.