Outlook Positive For The Oil Patch
Today in Lake Charles members of the Louisiana Oil and Gas Association will continue their discussion about their industry and ultimately the futures of many of us. Since a lot of our jobs, taxes, and economy are products of the oil and gas industry what happens in this meeting is something we'd want to know about.
Life in the South Louisiana has been tough the past few years. We've all seen downturns. Many of us have seen jobs go away. However, the future is looking brighter and the better news for oil prices comes from a very unlikely source.
OPEC’s commitment to reducing their production to keep prices at a higher sustainable level, and then obviously President Trump and the approach he’s taken to energy and rolling back regulations.
Those are the comments of LOGA Vice President Gifford Briggs. Briggs made his comments in a story published by the Louisiana Radio Network.
For those companies that have just been hanging on for as long as they can hoping that something like this would happen, this is the light they needed to be able to keep their people on board and to start making those investments.
Personally, I think the new administration is going to be a lot more friendly to the oil and gas business. It seems almost as if the Obama administration was willing to let Louisiana and the oil industry twist in the breeze. That's my feeling based on the way the industry was shackled and regulated almost to the breaking point. Remember the moratorium after the Deep Water Horizon incident?
Briggs went on to say that the recent news of Exxon's $20 billion investment in the Gulf and projects like the Bayou Bridge Pipeline are signs that the pendulum is headed back in the other direction for so many of our oil and gas families.
Companies are ready to make those investments. There’s going to be tremendous economic impact in jobs and wages and labors and reinvestments in communities. It’s a good thing for Louisiana.
I know of a lot of families that have really gone through difficult times these past few years. There have been a lot of hard working, proud people who have swallowed their pride to keep food on the table. Let's hope the fuel for our nation's economy will once again be flowing at a reasonable price so that Louisiana can return to a more stable and effective economy.